1、FISCAL YEAR ENDED SEPTEMBER 3,2023ANNUAL REPORT2023December 7,2023Dear Costco Shareholders,Forty years ago this past September,the first Costco warehouse opened in Seattle.We grew to nearly threebillion dollars in sales in less than six years.Our operating philosophy then and now remains simple:prov

2、ide ourmembers quality merchandise and services at the lowest possible prices.We achieve this through ourcommitment to carrying out our mission statement and adhering to our code of ethics.The successes and challenges we faced in fiscal year 2023 reinforced the foundational business model of Costco,

3、focusing on the most productive items and bringing quality goods to market in volume.Although we experiencedinflationary pressures and general economic uncertainties,our buying and operations staff ensured that qualityand value remained priorities.Net sales for the 53-week year totaled$237.7 billion

4、,an increase of 7%,with a comparable sales increase of 3%.Net income was$6.3 billion,or$14.16 per diluted share,an increase of 8%.Revenue from membership feesincreased 8%to$4.6 billion,and our membership base grew to nearly 128 million cardholders,with a 90%renewal rate.In fiscal year 2023,Costcos e

5、xpansion included opening 23 net new locations:13 in the U.S.,three in China,twoeach in Japan and Australia and one in South Korea,in addition to our first warehouses in New Zealand(Auckland)and Sweden(Stockholm).This year we introduced new Kirkland Signature items,which illustrate our commitment to

6、 provide cost savingsand improve quality.Our new bakery items included a peanut-butter chocolate pie,a lemon blueberry loaf,and alemon meringue cheesecake;each was met with tremendous enthusiasm.Other new KS items included cat food,garlic butter shrimp,barbecue grills and yellow golf balls,each show