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): April 17, 2015
COSTCO WHOLESALE CORPORATION
(Exact name of registrant as specified in its charter)
Washington | 0-20355 | 91-1223280 | ||
(State or other jurisdiction of incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
999 Lake Drive
Issaquah, WA 98027
(Address of principal executive offices and zip code)
Registrants 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)) |
Item 8.01. Other Events
The Board of Directors has reauthorized a common stock repurchase program of up to $4 billion. This program will expire in April 2019 and replaces the current $4 billion program (expiring this month). The Board of Directors also declared a quarterly cash dividend on the Companys common stock and approved an increase to 40 cents per share, or $1.60 annually. The dividend of $.40 per share declared on April 17, 2015, is payable May 15, 2015, to shareholders of record at the close of business on May 1, 2015.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibit is included in this report:
99.1. | Press release dated April 17, 2015. |
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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, on April 20, 2015.
COSTCO WHOLESALE CORPORATION | ||
By: | /s/ Richard A. Galanti | |
Richard A. Galanti | ||
Executive Vice President and Chief Financial Officer |
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Exhibit 99.1
Press Release |
COSTCO WHOLESALE CORPORATION ANNOUNCES REAUTHORIZATION OF ITS STOCK REPURCHASE PROGRAM AND AN INCREASE IN ITS QUARTERLY CASH DIVIDEND
ISSAQUAH, Wash., April 17, 2015 Costco Wholesale Corporation (Costco or the Company) (Nasdaq: COST) today announced that its Board of Directors has reauthorized a common stock repurchase program of up to $4 billion. This program will expire in April 2019 and replaces the current $4 billion program (expiring this month), which has unused authorization of approximately $2.5 billion. The Board of Directors also declared a quarterly cash dividend on Costco common stock and approved a quarterly increase from $.355 to $.40 per share, or $1.60 per share on an annualized basis. The dividend is payable May 15, 2015, to shareholders of record at the close of business on May 1, 2015.
Costco currently operates 672 warehouses, including 474 in the United States and Puerto Rico, 89 in Canada, 34 in Mexico, 26 in the United Kingdom, 20 in Japan, 11 in Korea, 10 in Taiwan, seven in Australia and one in Spain. The Company plans to open up to an additional 16 new warehouses (including one relocation to a larger and better-located facility) prior to the end of its fiscal year on August 30, 2015. Costco also operates electronic commerce web sites in the U.S., Canada, the United Kingdom and Mexico.
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. 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, 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 (including health care costs), energy and certain commodities, geopolitical conditions, and other risks identified from time to time in the Companys public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements, except as required by law.
CONTACTS: | Costco Wholesale Corporation | |||||
Richard Galanti, 425/313-8203 | ||||||
Bob Nelson, 425/313-8255 | ||||||
Jeff Elliott, 425/313-8264 |