Costco-2018年Costco年度报告（英文）-2018.9.2-78页_3mb

Costco Wholesale Corporation 2018 Annual Report Summary

Core Content

Costco Wholesale Corporation, established in 1983 in Seattle, Washington, has grown into a global retail leader with a strong commitment to value and integrity. The company merged with The Price Company in 1993 and rebranded as Costco Wholesale Corporation in 1999, listing on the NASDAQ under the symbol "COST."

Key Financial Metrics

• Net Sales: $138 billion for the fiscal year ended September 2, 2018, representing a 9.7% increase.
• Net Income: $3.134 billion, or $7.09 per share, a 17% increase.
• Membership Fees Revenue: Increased by 10.1% to $3.142 billion.
• Capital Expenditures: $3 billion invested in business expansion.
• Dividends & Share Repurchases: $939 million in dividends and $322 million in share repurchases.
• Employee Count: 245,000 employees globally, including 15,900 union employees.
• Membership Base: Over 94 million members worldwide, with 90% renewal rate in the U.S. and Canada, and 88% globally.

Business Strategy and Operations

• Warehouse Network: Operates 768 warehouses globally, including 533 in the U.S. and Puerto Rico, 100 in Canada, 39 in Mexico, and others in the U.K., Japan, Korea, Australia, Spain, France, and Taiwan.
• E-commerce Expansion: Operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, and Taiwan. E-commerce sales represented 4% of total net sales in 2018.
• Product Offerings: Offers a wide range of products including food, hardlines, fresh foods, softlines, and ancillary services. The Kirkland Signature™ brand, known for high quality and exceptional value, generated over $39 billion in sales in 2018.
• Technology Enhancements: Implemented faster checkout systems, self-checkout registers, and self-ordering kiosks in the Food Court. Research is ongoing for a single swipe payment system for gas.
• Sustainability Efforts: Committed to sustainable practices, including eliminating harmful chemicals, using recycled and compostable packaging, and donating perishable items to food banks.

Market and Competitive Landscape

• Competitors: Competes with major retailers such as Walmart, Target, Kroger, and Amazon, as well as warehouse clubs like Sam's Club and BJ's Wholesale Club.
• Strategic Expansion: Plans to open 23 new warehouses in 2019, including the first in China. Relocates up to 4 warehouses within existing markets.
• Ancillary Services: Operates gas stations, pharmacies, optical centers, and food courts in many locations, enhancing member value and shopping frequency.

Corporate Governance and Leadership

• Leadership: Craig Jelinek serves as President and Chief Executive Officer. Jim Sinegal, co-founder, stepped down in 2018 after 35 years, though he remains active in the company and in philanthropy.
• Employee Relations: Known for its positive work environment and competitive pay and benefits. Recognized as one of the top-rated workplaces by Indeed in 2018.
• Member Engagement: Focus on diverse and generational appeal through product selection and global sourcing. Emphasizes member satisfaction through returns, warranties, and customer service.

Legal and Regulatory Information

• SEC Filings: The report is an annual Form 10-K, incorporating portions of the Proxy Statement for the 2019 Annual Meeting of Shareholders.
• Forward-Looking Statements: The report includes forward-looking statements regarding sales growth, operational changes, and future strategies, subject to risks and uncertainties.

Conclusion

Costco continues to thrive in a competitive retail environment by maintaining its core values of value and integrity. Its expansion, innovation, and commitment to sustainability and employee welfare have solidified its position as a leading global retailer. The company remains focused on delivering exceptional member value through its warehouse model, private-label products, and digital initiatives.