Costco Q4 sales rise 11.2% to $93.9B
Quarterly results included a $0.15-per-share tariff-refund benefit; excluding it, net income grew 12.3%.
Rhea-AI Filing Summary
Costco Wholesale Corporation (COST) reported fourth-quarter fiscal 2026 net sales of $93.9 billion, up 11.2%, for the 16 weeks ended August 30, 2026; fiscal-year net sales were $297.2 billion, up 10.1%, for the 52 weeks. Fourth-quarter comparable sales rose 9.4%, or 6.7% excluding gasoline-price and foreign-exchange effects. Digitally enabled comparable sales increased 19.5%, or 19.8% adjusted for foreign exchange.
Fourth-quarter net income was $2.998 billion and diluted earnings per share were $6.75, compared with $2.610 billion and $5.87 a year earlier. Results included a non-recurring $0.15-per-share benefit from IEEPA tariff refunds, less partial reinvestment in member values; excluding that benefit, net income grew 12.3% and EPS 12.4%. Fiscal-year net income was $9.226 billion, with diluted EPS of $20.76.
Membership income grew 7.3% (7.7% excluding foreign exchange), and the worldwide renewal rate was 89.8%. Costco operated 939 warehouses at fiscal year-end. Operating cash flow was $15.825 billion for the year, while cash and equivalents were $20.207 billion as of August 30, 2026.
Positive
- Fourth-quarter net sales rose 11.2% to $93.9 billion.
- Fiscal-year net sales rose 10.1% to $297.2 billion.
- Fourth-quarter net income rose 14.9% to $2.998 billion.
Negative
- None.
Filing Explained
This Form 8-K reports Costco's fiscal 2026 results; at
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Fourth-quarter net sales: $93.9 billion
Fiscal-year net sales: $297.2 billion
Fourth-quarter net income: $2.998 billion
+3 more
6 metrics
Fourth-quarter net sales
$93.9 billion
16 weeks ended August 30, 2026; increased 11.2% from last year
Fiscal-year net sales
$297.2 billion
52 weeks ended August 30, 2026; increased 10.1% from last year
Fourth-quarter net income
$2.998 billion
16 weeks ended August 30, 2026; increased 14.9% from last year
Diluted earnings per share
$6.75 per diluted share
Fourth quarter fiscal 2026; growth of 15.0%
Comparable sales
9.4%
Total company, 16-week fourth quarter
Net cash provided by operating activities
$15.825 billion
52 weeks ended August 30, 2026
Key Terms
Comparable sales, IEEPA tariff refunds, LIFO, Operating lease right-of-use assets
4 terms
Comparable sales financial
"Comparable sales for the fourth quarter and fiscal year"
"Comparable sales" are the total sales from stores or products that have been open for a certain period, usually the same time last year or last quarter. They help show whether a business is growing by comparing similar locations or products over time, much like checking if your favorite store's sales are going up compared to previous years.
IEEPA tariff refunds regulatory
"benefit of $0.15 per diluted share from IEEPA tariff refunds"
Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.
LIFO financial
"LIFO -11bps -12bps"
An accounting method that assumes the most recently acquired inventory items are sold first, so the newest costs flow into cost of goods sold while older costs stay on the balance sheet. Imagine a stack of boxes where you take from the top; when prices are rising, that top-first approach produces higher reported costs and lower reported profits, which can reduce taxes and change profit margins. Investors watch LIFO because it affects reported earnings, tax liabilities, and how comparable a company’s performance is to peers.
Operating lease right-of-use assets financial
"Operating lease right-of-use assets"
An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.
Earnings Snapshot
Fourth-quarter net sales: $93.9 billion
Fourth quarter and fiscal year 2026 ended August 30, 2026
Fourth-quarter net sales
$93.9 billion
Increased 11.2%
Fiscal-year net sales
$297.2 billion
Increased 10.1%
Fourth-quarter net income
$2.998 billion
Increased 14.9%
Fourth-quarter diluted EPS
$6.75 per diluted share
Increased 15.0%
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were COST's fourth-quarter FY2026 sales?
Costco reported fourth-quarter net sales of $93.9 billion, up 11.2%, and total-company comparable sales growth of 9.4%. Comparable sales were 6.7% excluding gasoline-price and foreign-exchange effects. Digitally enabled comparable sales increased 19.5%, or 19.8% adjusted for foreign exchange.
How much did COST earn in the fourth quarter of FY2026?
Net income was $2.998 billion and diluted EPS was $6.75. The comparable figures a year earlier were $2.610 billion and $5.87 per diluted share. The quarter included a non-recurring $0.15-per-share benefit from IEEPA tariff refunds, less partial reinvestment in member values; excluding that benefit, net income grew 12.3% and EPS 12.4%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): September 24, 2026
COSTCO WHOLESALE CORPORATION
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: 425 -313-8100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On September 24, 2026, the Company issued a press release containing its operating results for the 16-week fourth quarter and the 52-week fiscal year, ended August 30, 2026. A copy of the press release is attached as Exhibit 99.1. In addition, a copy of the Company's earnings release supplement for the fourth quarter of fiscal 2026 is attached as Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
99.1. Press release dated September 24, 2026.
99.2. Fourth quarter fiscal 2026 supplemental information.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| COSTCO WHOLESALE CORPORATION | |||||||||||
| Dated: September 24, 2026 | By: | /s/ Gary Millerchip | |||||||||
| Gary Millerchip | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
Exhibit 99.1
Press Release
COSTCO WHOLESALE CORPORATION REPORTS FOURTH QUARTER AND FISCAL YEAR 2026 OPERATING RESULTS
ISSAQUAH, Wash., September 24, 2026 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the 16-week fourth quarter and the 52-week fiscal year ended August 30, 2026.
Net sales for the quarter increased 11.2 percent, to $93.9 billion, from $84.4 billion last year. Net sales for the fiscal year increased 10.1 percent, to $297.2 billion, from $269.9 billion last year.
Comparable sales for the fourth quarter and fiscal year were as follows:
| 16 Weeks | 16 Weeks | 52 Weeks | 52 Weeks | ||||||||||||||||||||
| Adjusted* | Adjusted* | ||||||||||||||||||||||
| U.S. | 10.7% | 7.2% | 8.2% | 6.6% | |||||||||||||||||||
| Canada | 5.0% | 4.6% | 7.8% | 6.7% | |||||||||||||||||||
| Other International | 7.0% | 6.2% | 9.8% | 6.5% | |||||||||||||||||||
| Total Company | 9.4% | 6.7% | 8.4% | 6.6% | |||||||||||||||||||
| Digitally-Enabled | 19.5% | 19.8% | 20.9% | 20.7% | |||||||||||||||||||
*Excluding the impacts from changes in gasoline prices and foreign exchange.
Net income for the fourth quarter was $2.998 billion, $6.75 per diluted share, compared to $2.610 billion, $5.87 per diluted share, last year. This year's fourth quarter was positively impacted by a non-recurring benefit of $0.15 per diluted share from IEEPA tariff refunds received in the quarter, less partial reinvestment of those refunds in increased member values. Net income for the fiscal year was $9.226 billion, $20.76 per diluted share, compared to $8.099 billion, $18.21 per diluted share, last year.
Costco currently operates 939 warehouses, including 647 in the United States and Puerto Rico, 115 in Canada, 43 in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, three in France, two in Sweden, and one each in Iceland, and New Zealand. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, Australia, and China.
A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, September 24, 2026, and will be available via a webcast on investor.costco.com (click “Events & Presentations”).
Press Release
Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs and wages), workforce interruptions, energy and certain commodities, geopolitical conditions (including tariffs and global conflicts), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to environmental and social matters, public-health related factors, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.
CONTACTS: Costco Wholesale Corporation
Josh Dahmen, 425/313-8254
Andrew Yoon, 425/313-6305
Bryan Starnes, 425/427-7403
COST-Earn
Press Release
COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data) (unaudited)
| 16 Weeks Ended | 52 Weeks Ended | ||||||||||||||||||||||
| August 30, 2026 | August 31, 2025 | August 30, 2026 | August 31, 2025 | ||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||
| Net sales | $ | 93,873 | $ | 84,432 | $ | 297,247 | $ | 269,912 | |||||||||||||||
| Membership fees | 1,850 | 1,724 | 5,907 | 5,323 | |||||||||||||||||||
| Total revenue | 95,723 | 86,156 | 303,154 | 275,235 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Merchandise costs | 83,531 | 75,037 | 264,279 | 239,886 | |||||||||||||||||||
| Selling, general and administrative | 8,391 | 7,778 | 27,190 | 24,966 | |||||||||||||||||||
| Operating income | 3,801 | 3,341 | 11,685 | 10,383 | |||||||||||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||||||||
| Interest expense | (45) | (46) | (145) | (154) | |||||||||||||||||||
| Interest income and other, net | 253 | 215 | 711 | 589 | |||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 4,009 | 3,510 | 12,251 | 10,818 | |||||||||||||||||||
| Provision for income taxes | 1,011 | 900 | 3,025 | 2,719 | |||||||||||||||||||
| NET INCOME | $ | 2,998 | $ | 2,610 | $ | 9,226 | $ | 8,099 | |||||||||||||||
NET INCOME PER COMMON SHARE: | |||||||||||||||||||||||
| Basic | $ | 6.75 | $ | 5.88 | $ | 20.78 | $ | 18.24 | |||||||||||||||
| Diluted | $ | 6.75 | $ | 5.87 | $ | 20.76 | $ | 18.21 | |||||||||||||||
| Shares used in calculation (000's): | |||||||||||||||||||||||
| Basic | 443,975 | 444,007 | 443,953 | 443,985 | |||||||||||||||||||
| Diluted | 444,364 | 444,706 | 444,427 | 444,803 | |||||||||||||||||||
Press Release
COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share data) (unaudited)
Subject to Reclassification
| August 30, 2026 | August 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents | $ | 20,207 | $ | 14,161 | |||||||
| Short-term investments | 1,094 | 1,123 | |||||||||
| Receivables, net | 3,959 | 3,203 | |||||||||
| Merchandise inventories | 19,324 | 18,116 | |||||||||
| Other current assets | 1,998 | 1,777 | |||||||||
| Total current assets | 46,582 | 38,380 | |||||||||
| OTHER ASSETS | |||||||||||
| Property and equipment, net | 35,633 | 31,909 | |||||||||
| Operating lease right-of-use assets | 2,697 | 2,725 | |||||||||
| Other long-term assets | 4,133 | 4,085 | |||||||||
| TOTAL ASSETS | $ | 89,045 | $ | 77,099 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Accounts payable | $ | 22,591 | $ | 19,783 | |||||||
| Accrued salaries and benefits | 5,641 | 5,205 | |||||||||
| Accrued member rewards | 3,037 | 2,677 | |||||||||
| Deferred membership fees | 3,006 | 2,854 | |||||||||
| Current portion of long-term debt | 2,248 | 75 | |||||||||
| Other current liabilities | 7,429 | 6,514 | |||||||||
| Total current liabilities | 43,952 | 37,108 | |||||||||
| OTHER LIABILITIES | |||||||||||
| Long-term debt, excluding current portion | 3,914 | 5,713 | |||||||||
| Long-term operating lease liabilities | 2,414 | 2,460 | |||||||||
| Other long-term liabilities | 2,962 | 2,654 | |||||||||
| TOTAL LIABILITIES | 53,242 | 47,935 | |||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||
| EQUITY | |||||||||||
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding | — | — | |||||||||
Common stock $0.005 par value; 900,000,000 shares authorized; 443,266,000 and 443,237,000 shares issued and outstanding | 2 | 2 | |||||||||
| Additional paid-in capital | 8,830 | 8,282 | |||||||||
| Accumulated other comprehensive loss | (1,620) | (1,770) | |||||||||
| Retained earnings | 28,591 | 22,650 | |||||||||
| TOTAL EQUITY | 35,803 | 29,164 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 89,045 | $ | 77,099 | |||||||
Press Release
COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in millions) (unaudited)
Subject to Reclassification
| 52 Weeks Ended | |||||||||||
| August 30, 2026 | August 31, 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net income | $ | 9,226 | $ | 8,099 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 2,674 | 2,426 | |||||||||
| Non-cash lease expense | 318 | 303 | |||||||||
| Stock-based compensation | 924 | 860 | |||||||||
| Other non-cash operating activities, net | 355 | (117) | |||||||||
Changes in working capital | 2,328 | 1,764 | |||||||||
| Net cash provided by operating activities | 15,825 | 13,335 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Additions to property and equipment | (6,435) | (5,498) | |||||||||
| Purchases of short-term investments | (788) | (1,028) | |||||||||
| Maturities of short-term investments | 811 | 1,141 | |||||||||
| Other investing activities, net | 26 | 74 | |||||||||
| Net cash used in investing activities | (6,386) | (5,311) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Repayments of short-term borrowings | (577) | (862) | |||||||||
| Proceeds from short-term borrowings | 553 | 816 | |||||||||
| Repayments of long-term debt | (69) | (103) | |||||||||
| Proceeds from issuance of long-term debt | 496 | — | |||||||||
| Tax withholdings on stock-based awards | (361) | (393) | |||||||||
| Repurchases of common stock | (848) | (903) | |||||||||
| Cash dividend payments | (2,458) | (2,183) | |||||||||
| Financing lease payments and other financing activities, net | (91) | (147) | |||||||||
| Net cash used in financing activities | (3,355) | (3,775) | |||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (38) | 6 | |||||||||
| Net change in cash and cash equivalents | 6,046 | 4,255 | |||||||||
| CASH AND CASH EQUIVALENTS BEGINNING OF YEAR | 14,161 | 9,906 | |||||||||
| CASH AND CASH EQUIVALENTS END OF YEAR | $ | 20,207 | $ | 14,161 | |||||||
Supplemental Information Fourth Quarter FY 2026 Exhibit 99.2
$93.9B +11.2% Comparable Sales +9.4% Adjusted Comparable Sales1 +6.7% Comparable Traffic +3.3% Comparable Ticket +5.9% Adjusted Comparable Ticket1 +3.3% Digitally-Enabled Comparable Sales +19.5% Adjusted Digitally- Enabled Comparable Sales2 +19.8% Net Sales Growth Sales | Q4 Highlights 1 - Excluding impacts from changes in gasoline prices and foreign exchange 2 - Excluding impacts from changes in foreign exchange rates
Segment Reporting - Sales | Q4 Highlights Comp Sales US Canada Other International Total Company Sales +10.7% +5.0% +7.0% +9.4% Ticket +7.3% +2.5% +2.4% +5.9% Traffic +3.2% +2.5% +4.5% +3.3% 1 - Excluding impacts from changes in gasoline prices and foreign exchange Adjusted Comp Sales1 US Canada Other International Total Company Sales +7.2% +4.6% +6.2% +6.7% Ticket +3.9% +2.1% +1.7% +3.3% Traffic +3.2% +2.5% +4.5% +3.3%
89.8% Worldwide Membership Renewal Rate 150.4MM Total Cardholders +3.6% Growth 42.3MM Executive Memberships Membership | Q4 Highlights +7.7% Membership Income Growth ex-FX +7.3% Membership Income Growth 92.3% US/CN Renewal Rate 84.1MM Paid Memberships +3.8% Growth 75.6% Penetration of Sales to Executive Members
Financial Performance | Q4 Highlights Gross Margin 11.02% -11 bps vs Q4 FY’25 +20 bps ex. gas impact Reported Ex Gas1 Core -32bps -9bps Other Bus +23bps +32bps LIFO -11bps -12bps Other2 +9bps +9bps Total -11bps +20bps Core on Core Sales3: +18 bps Reported Ex Gas1 Ops +22bps 0bps Central +5bps +2bps Equity Comp 0bps 0bps Pre-opening 0bps 0bps Total +27bps +2bps SG&A 8.94% +27 bps vs Q4 FY’25 +2 bps ex. gas impact 1 - Excluding the impacts from changes in gasoline prices 2 - Related to the IEEPA tariff refunds received in the quarter, less partial reinvestment of those refunds 3 - Excluding the impact from the IEEPA tariff refunds received in the quarter, less partial reinvestment of those refunds + = Favorable/lower, - = Unfavorable/higher Net Income $3.00B +14.9% Growth* Diluted EPS $6.75 +15.0% Growth* * – “Other” Items for the Quarter: − This year’s results included a non- recurring benefit of $0.15 per diluted share related to IEEPA tariff refunds received in the quarter, less partial reinvestment of those refunds. − Excluding this benefit, net income grew 12.3%, and EPS 12.4%.
Digital | Q4 Highlights Top Sales Growth Categories: ● Pharmacy ● Home Furnishings ● Small Electrics ● Hardware ● Housewares ● Domestics Digitally-Enabled Comparable Sales +19.5% Adjusted Digitally-Enabled Comparable Sales1 +19.8% Digital Enhancements: ● Expansion of 3rd-party same day delivery channels in the US ● Personalization enhancements – email and online product placement Ecommerce Site & App Traffic +30% 1 - Excluding impacts from changes in foreign exchange rates
Warehouse Expansion | Q4 Highlights Q4 FY’25 End FY’26 Q1-Q3 FY’26 Q4 FY’26 End FY’27 (Estimated) US 629 8 10 647 665 Canada 110 5 - 115 120 Other International 175 1 1 177 182 Total 914 14 11 939 967 Mansfield, TX: 8/25/26 Stone Mountain, GA: 8/27/26
New Member Values | Q4 Highlights Lowering Everyday Low Prices KS Walnuts $13.79 to $9.99 KS Colombian (Whole Bean) From $21.99 to $19.99 KS Dry Facial Towel $19.99 to $18.99 KS Course Black Pepper From $6.99 to $5.99 New Items KS Ultra Filtered Lactose Free Milk 2% KS 1oz Silver Bars KS Pretzel Sandwiches KS Japanese Matcha Green Tea Powder 12oz
Safe Harbor | Q4 Highlights Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs and wages), workforce interruptions, energy and certain commodities, geopolitical conditions (including tariffs and global conflicts), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to environmental and social matters, public-health related factors, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.