Costco Reports Record High Earnings and Announces Special Dividend

CEO Craig Jelinek to step down at year's end as company plans further expansion in 2024.

Costco's fiscal first-quarter results exceeded analysts' expectations, with net sales of $56.72 billion, a 6.1% increase from the same period last year, and net income of $2.2 billion.
Membership numbers and sales of items like groceries surged, with Costco reporting it sold more than 4 million pies over the Thanksgiving weekend alone.
Costco announced a special cash dividend of $15 per share due to be paid on Jan. 12, 2024, the biggest special dividend in its history.
Costco CEO Craig Jelinek will be stepping down at the end of the year after a decade in charge, to be replaced by Ron Vachris, who started as a forklift operator at the firm 40 years ago.
Costco plans to open 10 new locations in the coming quarter and 33 locations in fiscal year 2024.