Costco Wholesale Corporation released its Annual Report for the fiscal year ended September 1, 2024, showcasing robust financial performance. Net sales for the year totaled $249.6 billion, marking a 5% increase, while net income grew by 17% to $7.4 billion, or $16.56 per diluted share.
Membership fee revenue, a core driver of profitability, increased by 5% to $4.8 billion, with the company's membership base expanding to nearly 137 million cardholders. The worldwide renewal rate remained strong at 90%, underscoring high customer loyalty. Costco also continued its physical expansion, opening 29 net new locations globally, including 23 in the U.S.
In a significant move for shareholders, Costco paid a special cash dividend of $15 per share, totaling $6.65 billion, in January 2024. This highlights the company's strong cash generation and commitment to returning value to its investors, reflecting confidence in its ongoing financial strength and operational model.
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