Costco's annual sales and profits have broken records, and it will join the "ship charter group"!

Costco Corp. reported its biggest annual profit and sales gains since the 1990s , according to financial results released Wednesday .

The warehouse retailer said in its earnings call that its net sales for the fourth quarter of fiscal 2021 increased 17.5% to $61.44 billion, slightly higher than the expected $61.41 billion . This is the first time that the company's quarterly sales have exceeded $60 billion. Sales in the same period last year were $53.38 billion.

Costco's annual sales increased from $163.22 billion in fiscal 2020 to $192.05 billion in 2021 , a growth rate of 17.7% . This is Costco 's largest annual sales growth since fiscal 1992 ( when annual sales increased by 19.6% ) . FactSet records show that the company's annual profit increased by more than 25% from $4 billion in fiscal 2020 to $5.01 billion, setting a new record for Costco 's annual profit . This is also the year with the largest profit growth since fiscal 1998 .

In terms of e-commerce, Costco's e-commerce revenue grew by more than 90% in the fourth quarter of last year , and grew by 11.2% again in the fourth quarter of this year, and grew by 44.4% in the entire fiscal year 2021. Richard A. Galanti, Costco's executive vice president and chief financial officer, said that the company's mobile app downloads have surged to more than 10 million times. "It is constantly improving, and more features are coming soon." " We are piloting in multiple locations to use Costco credit cards for digital payments, and will fully launch it in the middle of next month. "

In the company's earnings call, Richard A. Galanti said that port delays, container shortages, various component shortages, labor cost pressures, and trucker and driver shortages have put pressure on the supply chain and inflation. To ensure that it gets what it needs, the company places orders in advance and limits high-demand SKUs . In addition, Costco continues to work hard to reduce cost increases in a variety of different ways and to curb and mitigate price increases.

" We have also chartered three ocean-going vessels for next year to transport containers between Asia and the United States and Canada , " said Richard A. Galanti . " We have chartered thousands of containers for use on these ships. "

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