การประชุมแถลงผลประกอบการไตรมาส 4 ปีงบประมาณ 2026 ของคอสโก้ (COST): ยอดขายเพิ่มขึ้น 11.2%, การขยายตัวเร่งตัวขึ้น

คอสท์โค โฮลเซล คอร์ปอเรชัน (NASDAQ: COST) รายงานยอดขาย จำนวนสมาชิก และการเติบโตทางดิจิทัลอย่างต่อเนื่องสำหรับไตรมาสที่ 4 ของปีงบการเงิน 2026 ระยะเวลา 16 สัปดาห์ สิ้นสุดวันที่ 30 สิงหาคม 2026 โดยฝ่ายบริหารยังได้ระบุถึงรายจ่ายลงทุนที่สูงขึ้นและแผนเร่งเปิดสาขาคลังสินค้าสำหรับปีงบการเงิน 2027

ประเด็นสำคัญ

• ยอดขายสุทธิไตรมาส 4 ปีงบการเงิน 2026 เพิ่มขึ้น 11.2% เมื่อเทียบเป็นรายปี สู่ระดับ 9.387 หมื่นล้านดอลลาร์ ยอดขายสาขาเดิม (Comparable sales) เพิ่มขึ้น 9.4% หรือเพิ่มขึ้น 6.7% หากปรับด้วยผลกระทบจากอัตราเงินเฟ้อของราคาน้ำมันเบนซินและอัตราแลกเปลี่ยน
• กำไรสุทธิแตะระดับ 2.998 พันล้านดอลลาร์ หรือ 6.75 ดอลลาร์ต่อหุ้นปรับลด หากไม่รวมผลประโยชน์จากการคืนภาษีศุลกากรสุทธิจากการลงทุนซ้ำจำนวน 0.15 ดอลลาร์ต่อหุ้น กำไรสุทธิและ EPS เพิ่มขึ้น 12.3% และ 12.4% ตามลำดับ
• ยอดขายสาขาเดิมผ่านช่องทางดิจิทัลเติบโต 19.5% ขณะที่ยอดขายผ่านช่องทางดิจิทัลเต็มปีทะลุ 3.3 หมื่นล้านดอลลาร์ และเพิ่มขึ้นมากกว่า 20%
• รายได้จากค่าธรรมเนียมสมาชิกเพิ่มขึ้น 7.3% สู่ระดับ 1.849 พันล้านดอลลาร์ สมาชิกประเภท Executive แบบชำระเงินเพิ่มขึ้น 9.4% สู่ระดับ 42.3 ล้านราย และอัตราการต่ออายุสมาชิกทั่วโลกปรับตัวดีขึ้น 10 basis points จากไตรมาสก่อนหน้า สู่ระดับ 89.8%
• คอสท์โคมีแผนที่จะเปิดสาขาคลังสินค้า 33 แห่งในปีงบการเงิน 2027 ซึ่งรวมถึงการย้ายสถานที่ 5 แห่ง เนื่องจากบริษัทกำลังดำเนินการมุ่งสู่เป้าหมายการเปิดสาขาใหม่สุทธิ 30 แห่งต่อปี
• ฝ่ายบริหารวางแผนรายจ่ายลงทุนประมาณ 7.5 พันล้านดอลลาร์ในปีงบการเงิน 2027 โดยหลัก ๆ จะใช้สำหรับสาขาคลังสินค้าใหม่และขีดความสามารถของห่วงโซ่อุปทาน

ข้อมูลทางการเงินสำคัญ

คอสท์โคได้รับเงินคืนภาษีศุลกากร IEEPA จำนวน 184 ล้านดอลลาร์ในระหว่างไตรมาส ประกอบด้วยเงินภาษีคืน 174 ล้านดอลลาร์และดอกเบี้ย 10 ล้านดอลลาร์ จำนวนดังกล่าวคิดเป็นสัดส่วนมากกว่าหนึ่งในสามเล็กน้อยของยอดเงินคืนรวมที่คาดไว้ ฝ่ายบริหารกล่าวว่าบริษัทได้รับเงินคืนในจำนวนที่ใกล้เคียงกันไปแล้วในไตรมาสที่ 1 ของปีงบการเงิน 2027 และตั้งใจที่จะนำรายได้ส่วนใหญ่ไปลงทุนซ้ำเพื่อสร้างมูลค่าให้แก่สมาชิก

ผลการดำเนินงานทางธุรกิจและการปฏิบัติการ

คอสท์โคสิ้นสุดปีงบการเงิน 2026 ด้วยสาขาคลังสินค้า 939 แห่งทั่วโลก หลังจากเปิดสาขาใหม่ 28 แห่งในระหว่างปี ซึ่งรวมถึงการย้ายสถานที่ 3 แห่ง คิดเป็นการเพิ่มขึ้นสุทธิของสาขาใหม่ 25 แห่ง ไตรมาส 4 ของปีงบการเงินมีการเปิดสาขาใหม่ 12 แห่ง ได้แก่ สาขาใหม่ในสหรัฐฯ 10 แห่ง สาขาในเม็กซิโก 1 แห่ง และการย้ายสถานที่ในไต้หวัน 1 แห่ง

ยอดขายสาขาเดิมกลุ่มสินค้าที่ไม่ใช่ผู้บริโภคเพิ่มขึ้นในช่วงตัวเลขหลักเดียวระดับปานกลางถึงสูง นำโดยทองคำและอัญมณี เครื่องแต่งบ้าน เครื่องใช้ในบ้าน อุปกรณ์อิเล็กทรอนิกส์ขนาดเล็ก และผลิตภัณฑ์สุขภาพและความงาม ส่วนยอดขายสาขาเดิมกลุ่มอาหารสดเพิ่มขึ้นในช่วงตัวเลขหลักเดียวระดับปานกลาง โดยมีกลุ่มเบเกอรี่และเนื้อสัตว์เป็นตัวนำการเติบโต ขณะที่กลุ่มอาหารและสินค้าเบ็ดเตล็ดเพิ่มขึ้นในช่วงตัวเลขหลักเดียวระดับต่ำถึงปานกลาง

ยอดขายสาขาเดิมกลุ่มธุรกิจเกี่ยวเนื่องเติบโตในช่วงระดับ 20% ปลาย ๆ โดยสถานีบริการน้ำมัน ร้านขายยา และการท่องเที่ยวต่างขยายตัวเร็วกว่าภาพรวมของคอสท์โคในระหว่างปีงบการเงิน 2026 ยอดขายร้านขายยาเพิ่มขึ้นเกือบ 20% โดยได้รับการสนับสนุนจากบริการดิจิทัล โปรแกรม GLP-1 และโปรแกรมสำหรับผู้มีบุตรยาก ตัวเลือกการชำระเงินล่วงหน้า และล็อกเกอร์รับสินค้า ส่วน คอสท์โค ทราเวล บันทึกการเติบโตระดับสองหลักในแพ็กเกจท่องเที่ยว เรือสำราญ และรถเช่า

ยอดขายผ่านช่องทางดิจิทัลเต็มปี รวมถึงการจัดส่งโดยบุคคลที่สาม ทะลุ 3.3 หมื่นล้านดอลลาร์ คอสท์โคได้ขยายความร่วมมือกับ Uber Eats ครอบคลุมทั่วประเทศในสหรัฐฯ และเพิ่ม DoorDash ร่วมกับ Instacart ที่เป็นพันธมิตรเดิม ฝ่ายบริหารกล่าวว่าระยะเวลาจัดส่งเฉลี่ยในทั้งสามแพลตฟอร์มต่ำกว่าหนึ่งชั่วโมง และคำสั่งซื้อเหล่านี้ดูเหมือนจะเป็นยอดขายส่วนเพิ่มจากยอดขายสินค้าโชห่วยในสาขาคลังสินค้าเป็นหลัก

จำนวนผู้เข้าชมเว็บไซต์และแอปพลิเคชันเพิ่มขึ้น 30% ในไตรมาสนี้ ยอดขายที่เกิดจากโครงการริเริ่มเฉพาะบุคคลเติบโตในอัตราร้อยละสามหลัก และ 10% ของคำสั่งซื้อบน Costco.com มีรายการสินค้าเฉพาะบุคคล นอกจากนี้ จำนวนผู้เข้าชมและยอดขายที่มีต้นทางจากการค้นหาด้วย AI ก็เติบโตในอัตราร้อยละสามหลักเช่นกัน แม้ฝ่ายบริหารจะเน้นย้ำว่ายังคงอยู่ในฐานที่ต่ำก็ตาม

ฐานสมาชิกยังคงเป็นกลไกขับเคลื่อนการเติบโตหลัก คอสท์โคสิ้นสุดไตรมาสด้วยสมาชิกประเภทชำระเงิน 84.1 ล้านราย เพิ่มขึ้น 3.8% และผู้ถือบัตร 150.4 ล้านราย เพิ่มขึ้น 3.6% อัตราการต่ออายุสมาชิกในสหรัฐฯ และแคนาดาเพิ่มขึ้นสู่ระดับ 92.3% ขณะที่อัตราการต่ออายุทั่วโลกแตะระดับ 89.8%

สมาชิกที่มีอายุต่ำกว่า 40 ปีในปัจจุบันมีสัดส่วนมากกว่าหนึ่งในสี่ของฐานสมาชิกทั้งหมด โดยเพิ่มขึ้นเกือบ 60% นับตั้งแต่เกิดการแพร่ระบาดของโควิด ฝ่ายบริหารกล่าวว่าสมาชิกที่มีอายุน้อยกว่ามักจะใช้จ่ายน้อยกว่าในตอนแรก แต่มีแนวโน้มจะเพิ่มการใช้จ่ายเมื่อขนาดครอบครัวและรายได้เพิ่มขึ้น

มุมมองของฝ่ายบริหาร

คอสท์โคตั้งเป้าเปิดสาขาคลังสินค้า 33 แห่งในปีงบการเงิน 2027 ซึ่งรวมถึงการย้ายสถานที่ 5 แห่ง คิดเป็นสาขาเพิ่มขึ้นสุทธิ 28 แห่ง กำหนดการนี้รวมถึงอาคาร 4 แห่งในยุโรป 5 แห่งในแคนาดา และ 1 แห่งในเม็กซิโก นอกจากนี้ ฝ่ายบริหารยังอ้างถึงโครงการในแผนงานปีงบการเงิน 2028 ที่แข็งแกร่งในเอเชีย ออสเตรเลีย และตลาดต่างประเทศอื่น ๆ

รายจ่ายลงทุนในปีงบการเงิน 2027 วางแผนไว้ที่ประมาณ 7.5 พันล้านดอลลาร์ เพิ่มขึ้นจาก 6.4 พันล้านดอลลาร์ในปีงบการเงิน 2026 การใช้จ่ายจะมุ่งเน้นไปที่การขยายสาขาคลังสินค้าและการลงทุนในห่วงโซ่อุปทานเพื่อสนับสนุนการเติบโตของสาขาคลังสินค้าและอีคอมเมิร์ซในอนาคต ฝ่ายบริหารคาดว่าการเติบโตของรายจ่ายลงทุนจะชะลอตัวลงหลังปีงบการเงิน 2027 หลังจากมีการลงทุนสูงต่อเนื่องเป็นเวลาสามปี

บริษัทไม่ได้ให้ประมาณการยอดขายหรือกำไรอย่างเป็นทางการ ฝ่ายบริหารกล่าวว่าการเติบโตของยอดขายสาขาเดิมไม่รวมน้ำมันเบนซินและอัตราแลกเปลี่ยนยังคงอยู่ที่ประมาณ 6% ถึง 7% และระบุว่าเงินเฟ้อปัจจุบันทรงตัวอยู่ในช่วงตัวเลขหลักเดียวระดับต่ำ นอกจากนี้ยังชี้ว่าอัตราการเติบโตของสมาชิกเมื่อเร็ว ๆ นี้อาจสะท้อนถึงแนวโน้มระยะสั้นได้ดีกว่า เนื่องจากรูปแบบการเติบโตและการต่ออายุของสมาชิกดิจิทัลเริ่มเข้าสู่ภาวะปกติ

ความเสี่ยงและประเด็นที่ต้องติดตาม

• อัตรากำไรขั้นต้นที่รายงานลดลง 11 basis points ซึ่งส่วนหนึ่งสะท้อนถึงการเติบโตที่เร็วขึ้นของยอดขายน้ำมันเบนซิน อีคอมเมิร์ซ และร้านขายยา ซึ่งมีอัตรากำไรต่ำกว่า
• คอสท์โคบันทึกค่าใช้จ่าย LIFO จำนวน 152 ล้านดอลลาร์ในไตรมาส 4 ของปีงบการเงิน เมื่อเทียบกับ 43 ล้านดอลลาร์ในปีก่อนหน้า โดยมีสาเหตุหลักมาจากต้นทุนหน่วยความจำที่สูงขึ้นและเงินเฟ้อในน้ำมันเบนซิน น้ำมันเครื่อง และเรซิน
• ฝ่ายบริหารอ้างถึงความไม่แน่นอนเกี่ยวกับราคาน้ำมันและผลิตภัณฑ์ที่เกี่ยวข้องกับปิโตรเลียม ความขัดแย้งในตะวันออกกลาง และทิศทางในอนาคตของภาษีศุลกากร
• พายุไต้ฝุ่นเมื่อเร็ว ๆ นี้ในเอเชียและความล่าช้าที่คลองปานามาส่งผลกระทบให้เกิดการหยุดชะงักของการขนส่งเล็กน้อย ราคาน้ำมันเชื้อเพลิงที่สูงขึ้นยังส่งผลกระทบต่อต้นทุนค่าขนส่ง แม้ว่าอัตราค่าขนส่งตามสัญญาที่ต่ำกว่าจะช่วยชดเชยค่าธรรมเนียมน้ำมันเชื้อเพลิงได้เป็นส่วนใหญ่จนถึงตอนนี้
• ค่าใช้จ่ายความรับผิดทั่วไปและค่าใช้จ่ายด้านการรักษาพยาบาลยังคงเติบโตเร็วกว่าค่าใช้จ่าย SG&A หมวดอื่น ๆ แม้ว่าคอสท์โคจะยังคงบรรลุการประหยัดจากขนาดด้านค่าใช้จ่ายได้เล็กน้อยหากไม่รวมเงินเฟ้อราคาน้ำมันก็ตาม
• เงินคืนภาษีศุลกากรและการลงทุนซ้ำด้านราคาที่เกี่ยวข้องเป็นรายการที่ไม่เกิดขึ้นประจำ ซึ่งจะยังคงส่งผลกระทบต่อผลการดำเนินงานที่รายงานในปีงบการเงิน 2027

ไฮไลท์ช่วงถาม-ตอบกับนักวิเคราะห์

เกี่ยวกับการลงทุนซ้ำจากเงินคืนภาษีศุลกากร ฝ่ายบริหารกล่าวว่าวัตถุประสงค์คือการคืนมูลค่าให้แก่สมาชิกผ่านราคาสินค้าที่ต่ำลง มากกว่าการสร้างการเปลี่ยนแปลงในแนวโน้มยอดขายทันที คอสท์โคได้ลดราคาสินค้าในกลุ่มพืชผลสด เนื้อสัตว์ เครื่องดื่ม เฟอร์นิเจอร์ตกแต่งบ้าน และสินค้าฮาร์ดแวร์ ขณะที่ยังคงรักษาการเติบโตของยอดขายสาขาเดิมปรับปรุงแล้วไว้ในช่วง 6% ถึง 7%

เกี่ยวกับการเติบโตของสมาชิก ฝ่ายบริหารอธิบายว่าการชะลอตัวลงเมื่อเร็ว ๆ นี้เป็นการกลับสู่ภาวะปกติ ไม่ใช่การเสื่อมถอยของคุณภาพสมาชิก พร้อมชี้ให้เห็นว่าสัดส่วนสมาชิก Executive ที่สูงเป็นประวัติการณ์ อัตราการต่ออายุที่ปรับตัวดีขึ้น การใช้บริการสถานีบริการน้ำมันสูงสุดเป็นประวัติการณ์ และการมีส่วนร่วมทางดิจิทัลที่เพิ่มขึ้น เป็นตัวบ่งชี้ถึงศักยภาพการใช้จ่ายในอนาคต

ฝ่ายบริหารสังเกตว่า สาขาคลังสินค้าในเอเชียมักจะมีจำนวนสมาชิกต่อสาขามากกว่า แต่มีความถี่ในการเข้าใช้บริการและยอดใช้จ่ายต่อสมาชิกต่ำกว่าสาขาในสหรัฐฯ ส่งผลให้การเปิดสาขาในต่างประเทศสามารถดันการเติบโตของจำนวนสมาชิกโดยรวมให้สูงขึ้น โดยไม่ได้สร้างรูปแบบยอดขายต่อสมาชิกในระดับเดียวกัน

เกี่ยวกับเงินเฟ้อ คอสท์โคกล่าวว่าความชัดเจนเกี่ยวกับการเปลี่ยนแปลงราคาของผู้จัดจำหน่ายโดยทั่วไปจะอยู่ในช่วง 30 ถึงมากกว่า 90 วัน ขึ้นอยู่กับชนิดสินค้าและความเสี่ยงต่อต้นทุนค่าขนส่ง เรซิน หรือสินค้าโภคภัณฑ์ โดย Kirkland Signature ยังคงเป็นเครื่องมือสำคัญในการนำเสนอทางเลือกราคาที่ต่ำกว่า

เกี่ยวกับการจัดส่งโดยบุคคลที่สาม ฝ่ายบริหารกล่าวว่าสมาชิกที่มีอายุน้อยกว่าแสดงความต้องการบริการจัดส่งที่รวดเร็วสูงกว่า อย่างไรก็ตาม คำสั่งซื้อเหล่านี้โดยทั่วไปเป็นการเสริมมากกว่าการทดแทนการเดินทางมายังสาขา ซึ่งสนับสนุนมุมมองที่ว่าพันธมิตรด้านการจัดส่งสามารถเพิ่มโอกาสในการช็อปปิ้งส่วนเพิ่มได้

เกี่ยวกับการค้าที่ขับเคลื่อนด้วย AI คอสท์โคกล่าวว่าปัจจุบันการค้นหาด้วย AI ทำหน้าที่เป็นช่องทางค้นพบสินค้าเป็นหลัก มากกว่าที่จะเป็นการค้าแบบเอเจนต์ AI เต็มรูปแบบ ฝ่ายบริหารเห็นโอกาสสำหรับราคาสินค้าและรายการสินค้าที่คัดสรรของคอสท์โคที่จะปรากฏอย่างโปร่งใสในผลลัพธ์ของ AI แต่กล่าวว่ายังต้องมีงานเพิ่มเติมเพื่อปรับปรุงข้อมูลสินค้าและหน้าสินค้า

ถอดความบันทึกการประชุมทางโทรศัพท์ผลประกอบการฉบับเต็ม

บทถอดเสียงฉบับเต็มของการประชุมทางโทรศัพท์ผลประกอบการ

คำชี้แจงจากฝ่ายบริหาร

Operator

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Corporation Fourth Quarter Fiscal Year 2026 Conference Call. [Operator Instructions]

And I would now like to turn the conference over to Mr. Gary Millerchip, Chief Financial Officer. You may begin.

Gary Millerchip

Good afternoon, everyone, and thank you for joining us for Costco's Fourth Quarter 2026 Earnings Call.

I'd like to start by reminding you that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements. The risks and uncertainties include, but are not limited to, those outlined in today's call as well as other risks identified from time to time in the company's public statements and reports filed with the SEC.

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 GAAP.

Joining me for today's call is our CEO, Ron Vachris. Before we dive into our financial results, I'll hand over to Ron for some opening comments.

Ron Vachris

Thank you, Gary, and good afternoon, everyone. Thank you for joining us today. As we wrap up fiscal year 2026, I'll share a few highlights from the year before turning the call back over to Gary.

In the fourth quarter, we opened 12 warehouses, including a relocation in Taiwan, 10 new U.S. buildings and our 43rd warehouse in Mexico. For the fiscal year, we opened 28 new warehouses, including 3 relocations for a total of 25 net new buildings. This brings our warehouse count to 939 worldwide. Our current plan is to open another 33 warehouses in fiscal year 2027, of which 5 are relocations as we build towards our goal of opening 30 net new warehouses per year. We continue to see significant opportunities for new warehouses growth, including new U.S. markets, such as Buffalo, New York and [ Laurence, Kensas ], infills in our more mature U.S. markets as well as international markets in which we operate. We're confident in the return on investment in all the buildings that we opened with new markets bringing more new members and infills driving many fewer new sign-ups, but a much quicker maturity curve for sales and profitability.

For fiscal year '27, we are planning to open 4 buildings in Europe, 5 in Canada and 1 in Mexico and have a strong pipeline of new warehouses planned for Asia, Australia and other international markets in fiscal year '28. Our business performed exceptionally well across all operating channels this year including our warehouses, ancillary businesses and digital platforms. We delivered top line sales growth of over 10% and expanded our market share by deepening member loyalty and capturing a larger share of wallet. This success was anchored by our agile item-driven model. Our buyers stayed ahead of member trends, quickly adjusting our assortment to offer high-quality relevant products at the lowest prices. This strong performance was spread across a wide range of departments, including meat, bakery, major electronics and health and beauty [indiscernible].

Our ancillary businesses also performed very well across the board with gas, pharmacy and travel leading the way, all growing at a faster pace than our overall growth rate. Our gas business has had a record year driven by members seeking value in Costco's top-tier gasoline in the face of rising prices. In fiscal year '26, we saw the penetration of U.S. member households that purchase gas reach an all-time high. During the fiscal year, we estimate we saved our members over $3.2 billion versus the average price at the pump in markets where we operate. We also expanded 26 existing U.S. gas stations during this year at our highest volume locations to increase throughput and improve the overall member experience.

In pharmacy, sales grew nearly 20% as we continue to expanding our digital capabilities. We increased member value and convenience through our GLP-1 and fertility programs as well as digital options like [ Rx mobile pay-ahead ] and pickup lockers. Many U.S. buildings are now achieving [ Rx pay-ahead ] penetrations of more than 1/3 of prescriptions, saving both members and our employees' valuable time. These programs led to double-digit script growth for the year and that are more than offset the headwinds from lower prices as a result of Medicare maximum fare price changes. This quarter, we are excited to announce a new partnership with [ Scan Health Systems ] to develop Medicare Advantage benefits that will help members get more value for their health care.

Our Costco Travel business continues to add exciting new packages and worldwide destinations. Vacation packages, cruises and car rentals all grew double digits during the year, as our great values continue to resonate with our members. During fiscal year '26, Costco sent over 750,000 members on cruises, an increase of 16%. One of those members booked 154 night crews on Region 7 Seas at a cost of over $218,000. This member will receive an $8,800 shop card as they conclude their crews.

We continue to make progress on digital in fiscal year '26. Digitally enabled sales, which include third-party delivery exceeded $33 billion and was an increase of more than 20%. Over the last few weeks, we have further expanded the ways in which our members can engage with us online with the announcement that our Uber Eats partnership is growing from 17 states to the entire U.S. as well as expansion of DoorDash partnership to include the U.S. These partnerships will complement the successful long-term partnership that we've had with Instacart in the U.S. and Canada. Members using these new marketplaces are significantly younger than our overall member base. Average delivery times across all 3 platforms are under an hour, bringing increased convenience in addition to our great values. We've observed that these sales through these channels are mostly incremental with limited impact on our core warehouse grocery business.

Our membership continues to be the most important item we sell and the additional benefits we introduced for Executive Members last year continue to resonate well. Executive Member penetration reached an all-time high in fiscal year '26. Renewal rates showed improvements again this quarter with the increasing executive penetration likely to help improve those rates in the future. Growth in new member sign-ups through digital channels and younger members also continued.

Looking over a longer time horizon, our member base under 40 has grown nearly 60% since COVID, increasing our total penetration of members under 40 to more than 1/4 of our total base. While these younger members start out spending a little less with us, over time, they grow into higher-spending members.

Finally, I'll touch briefly on tariff refunds, and Gary will share more details later in the call. As shared in our earnings release, we received some initial tariff refunds in the fourth quarter, and we reinvested some of these dollars to give value back to our members. This was predominantly through price reductions on a number of items in the second half of the quarter, including everyday items in produce, meat and beverages and some nonfood items such as home furnishings and hardware.

Reflecting back on the year, I want to thank all of our employees worldwide and congratulate them on another great year. As a management team, we continue to be incredibly proud of our 355,000 employees worldwide and the culture that they help foster. Their dedication to following our code of ethics, doing what's right and taking care of our members are the driving force for the consistency of our financial results.

With that, I'll turn it back over to Gary to discuss the financial results for the quarter, and I'll jump back on for Q&A and field some questions.

Gary Millerchip

Thanks, Ron. In today's press release, we reported operating results for the fourth quarter of fiscal year 2026 for 16 weeks ended August 30. As usual, we published a slide deck under Events and Presentations on our investor website with supplemental information to support today's press release.

Net income for the fourth quarter came in at $2.998 billion or $6.75 per diluted share. This year's results include a nonrecurring benefit of $0.15 per diluted share from IEEPA tariff refunds received in the quarter less partial reinvestment of those refunds and increased member values. Excluding this nonrecurring benefit, net income and EPS were up 12.3% and 12.4%, respectively, from $2.61 billion or $5.87 per diluted share last year.

On the topic of tariff refunds, we received $184 million in the fourth quarter, which was made up of $174 million in refunds and $10 million in interest. This amount represents a little more than 1/3 of the total refunds expected. In the first quarter of fiscal year 2027, we have already received a similar amount of refunds as we did in Q4, and we intend to continue reinvesting the majority of the dollars we receive and increase member values.

As tariff refunds and tariff refund reinvestments are nonrecurring items that will continue to impact our financial results in fiscal year 2027, we plan to provide a similar level of information about the net impact on future quarterly earnings calls.

Net sales for the fourth quarter were $93.87 billion, an increase of 11.2% from $84.43 billion in Q4 2025. Comparable sales were up 9.4% and 6.7% adjusted for gas price inflation and FX. Excluding gas sales entirely and adjusting for the impact of foreign exchange, comparable sales were also up 6.7%. Digitally enabled comparable sales were up 19.5% and 19.8% adjusted for FX. Our segment breakout of comparable sales is disclosed in both our earnings release and the supplemental slide deck.

In terms of Q4 comp sales metrics, FX negatively impacted sales by approximately 0.3% while gas price inflation positively impacted sales by approximately 3%. Traffic or shopping frequency increased 3.3% worldwide. Our average transaction or ticket was up 5.9% worldwide and 3.3%, excluding gas price inflation and changes in FX.

Moving down the income statement to membership fee income. We reported membership fee income of $1.849 billion, an increase of $125 million or 7.3% year-over-year. Adjusting for FX, the increase was 7.7%. The September 2024 U.S. and Canada membership fee increase accounted for less than 1% of fee growth. And as a reminder, Q4 marks the last quarter in which we will see a year-over-year benefit from the membership fee increase. Excluding the membership fee increase in FX, membership income grew 6.8% year-over-year. This was driven by higher executive membership penetration and base membership growth. At Q4 end, we had 42.3 million paid executive members, up 9.4% versus last year. We ended the quarter with 84.1 million total paid members, up 3.8% versus last year and 150.4 million cardholders, up 3.6% year-over-year.

In terms of renewal rates, at Q4 end, our U.S. and Canada renewal rate was 92.3%, up 10 basis points from last quarter, and the worldwide rate came in at 89.8%, also up 10 basis points. It was pleasing to see the improvement in overall renewal rates this quarter as we continue to make progress with our targeted digital communications and retention strategies. As Ron mentioned earlier, in the longer term, we would also expect higher Executive Membership penetration to lead to a further improvement in renewal rates as Executive Members generally renew at a higher rate than Gold Star members.

Turning now to gross margin. Our reported gross margin rate was lower year-over-year by 11 basis points, coming in at 11.02% compared to 11.13% last year. Excluding gas inflation, the gross margin rate was higher by 20 basis points. Core on core was lower by 32 basis points and lower by 9 basis points, excluding gas inflation. In terms of core margins on their own sales, our core on core margins were higher by 18 basis points, excluding the impact of tariff refunds and tariff refund reinvestments. The increase in core on core margins was broad-based with fresh, nonfood and food and sundries all higher year-over-year. Supply chain efficiencies drove margin improvement across all categories. Fresh also benefited from higher labor productivity in meat, bakery and deli. And nonfood benefited from strong sell-through rates and a shift in sales mix as higher-margin departments outperformed in the quarter. The difference between reported core margins and core on core margins was primarily due to mix changes as we saw gas, e-commerce and pharmacy sales grow at a faster rate than core merchandise sales.

Ancillary and other businesses gross margin was higher by 23 basis points and 32 basis points, excluding gas inflation. This was driven by the higher sales penetration in e-commerce, pharmacy and gas that I referenced a moment ago.

LIFO negatively impacted the rate by 11 basis points and 12 basis points without gas inflation. We had a $152 million LIFO charge in Q4 this year compared to a $43 million charge in Q4 last year. Higher memory costs in consumer electronics and inflation on items directly affected by the ongoing conflict in the Middle East such as gas, motor oil and resins were the biggest drivers. As a reminder, LIFO is calculated by comparing the cost of inventory on hand at the beginning of the fiscal year to the cost of inventory on hand at the end of the year. The magnitude of the LIFO charge in the quarter was much larger than the inflation rate in the quarter as a result of the need to true-up LIFO for the full fiscal year in our fourth quarter.

Lastly, as the IEEPA tariff refunds and the partial reinvestment of those refunds is a nonrecurring item, we have shown the net impact separately within the other line of our gross margin metric. This net benefit was 9 basis points, both with and without gas inflation. As this was a nonrecurring item, this impact is excluded from the core gross margin results.

Moving on to SG&A. Our reported SG&A rate was lower or better year-over-year by 27 basis points, coming in at 8.94% compared to last year's 9.21%. Excluding gas inflation, SG&A was lower or better by 2 basis points. The operations component of SG&A was lower or better by 22 basis points and flat excluding the impact of gas inflation. Central was lower or better by 5 basis points and lower by 2 basis points, excluding the impact of gas inflation. Below the operating income line, interest expense was $44 million versus $45 million last year. Interest income was $209 million versus $169 million last year, driven by higher cash balances and $10 million of interest received related to tariff refunds. And FX and other was a $44 million benefit versus a $46 million benefit last year. In terms of income taxes, our tax rate in Q4 was 25.2% compared to 25.6% in Q4 last year.

Turning now to some key items of note in the quarter. Capital expenditure was $2.21 billion in Q4 and $6.4 billion for the full year. For fiscal year 2027, we are planning approximately $7.5 billion in capital expenditure. This increase is predominantly due to a growth in the pipeline of new warehouses as we target a run rate of 30 net new openings a year and the continuation of outsized spend on our supply chain, which will set us up to efficiently support future warehouse and e-commerce sales growth. Beyond fiscal year 2027, we would expect to see a slowing in the rate of capital expenditure growth following 3 years of outsized growth that began in fiscal year 2025.

Turning now to some merchandising highlights. Through a relentless focus on value, quality and newness, we delivered consistently strong comparable sales growth in Q4. Nonfoods comp sales were up mid- to high single digits. Top performing departments were gold and jewelry, home furnishings, housewares, small electrics and health and beauty. Our success in health and beauty is a great example of our buyers identifying global trends and sourcing new items that resonate strongly with our members. Some of the best performing items this quarter included K-Beauty products such as [ Kallagam face ] masks and lotions from a number of top Korean vendors.

Fresh comparable sales were up mid-single digits, led by bakery and meat. Growth in bakery reflects our success in adding new and indulgent items at great value for our members. An example of this is our in-house pastries, which grew by over 100% in the quarter. In meat, our commitment to great quality and value fueled continued growth in both lower-cost proteins such as poultry and ground beef as well as premium items such as USDA prime beef and [ wagyu ].

Now before moving on from the fresh departments, I did want to address the speculation that's been blowing up our social media feeds and confirm that the rumors are true. For a limited time, the [ food court shore ] will be returning to all our U.S. locations starting this month. Food and sundries comp sales grew low to mid-single digits led by packaged foods, sundries and frozen foods. We continue to see a shift in member shopping habits towards healthier packaged foods and protein items such as meat snacks, sardines, can tuna and chicken, as well as high fiber options, such as [ Edamame ] and granola snacks all experienced strong growth.

Kirkland Signature items play an important role in how we deliver greater value for our members offering savings of at least 15% to 20% compared to the national brand equivalent with equal or better quality. Q4 launches included our [ KS Japanese MatcheGreen T-powder ], [ KS 1 ounce silver bars ], [ KS Pretzel Sandwiches ] and [ KS ultrafiltered 2% milk ]. Our goal is to be the first to lower prices where we see opportunities to do so, and the following are examples of price reductions that we implemented during the quarter. KS Walnuts from $13.79 to $9.99, [ KS Colombian whole bean coffee ] from $21.99 to $19.99, [ KS Drive Facial Tower ] from $19.99 to $18.99, and [ KS caused Black Pepper ] from $6.99 to $5.99.

In Ancillary businesses, comp sales continue to be extremely strong, up high 20s during the quarter. As Ron shared earlier, gas, pharmacy and travel led the way and are all great examples of how we grow share of wallet and deliver increased value from a Costco membership. Gas cards were positive mid-30s driven by the price per gallon increase year-over-year and record gas volumes.

Turning to inflation. Overall inflation during Q4 remained in the low single digits. As I mentioned when discussing [indiscernible] earlier, we did see an increase in nonfood inflation during the quarter, predominantly due to memory costs in consumer electronics, gas and petroleum-based items. Inflation in food and sundries and fresh was largely consistent with prior quarters as inflation in meat was offset by deflation in eggs and dairy. In the supply chain, while our traffic teams are working through some minor shipping disruptions due to recent typhoons in Asia and Panama Canal delays due to El Nino product is flowing relatively smoothly, and our merchants feel good about our inventory position. We continue to watch freight costs closely due to higher fuel prices. So far, the impact has been manageable as incremental fuel surcharges have been largely offset by lower contracted shipping rates.

In digital, total size and app traffic was up 30%. Breaking down our digitally enabled sales results, pharmacy, home furnishings, small electrics, hardware, houses, domestics and health and beauty were all top performers. Some of you may have noticed that we recently made the decision to discontinue our extended marketplace offering, Costco Next. As our digital capabilities mature, we believe that integrating the most popular items and brands from Costco Next more seamlessly into the Costco app and website provides a better member experience and will increase sales. This change is not material to our results.

During the quarter, we continued to accelerate personalization including enhanced product placements and e-mail communications. Our approach is resonating well with members, leading to triple-digit growth in sales from personalized initiatives in Q4 and 10% of all costco.com orders now include a personalized item. While starting from a low base relative to other channels, AI continues to grow in its influence on how our members are searching for products. Traffic to our site from AI search grew triple digits for the second consecutive quarter and continues to show the highest conversion rate of all site traffic.

Similar to e-commerce sales overall, sales originated from AI search are led by appliances and consumer electronics. Interestingly, the Costco membership is also among the top items originated from AI searches indicating that there is a strong positive sentiment around the value of our membership coming from these sources.

In closing, we are incredibly proud of our team and the great results they delivered in fiscal year 2026. As in the past, during times of wider market uncertainty, we believe our commitment to taking care of our members and delivering highly relevant products and services at the lowest price present opportunities for Costco to continue to grow our top line sales and market share in fiscal year 2027.

That concludes our prepared remarks. In terms of upcoming releases, we will announce our September sales results for the 5 weeks ending Sunday, October 4, on Wednesday, October 7, after market close.

We'll now open the line up for questions.

Operator

[Operator Instructions] And our first question comes from the line of Michael Lasser with UBS.

ช่วงถาม-ตอบ

Michael Lasser

So it sounds like given the tariff refund, you have invested about $100 million into price to reinforce Costco's value proposition yet we really haven't seen a meaningful change in the trajectory of the monthly sales as of yet. And if anything, it has moderated a touch. So how are you evaluating the return on those investments? And if price is not moving the needle as significantly as maybe it has in the past, should we calibrate our expectations that this year is just going to be a more return to historic levels of same-store sales growth for Costco?

Gary Millerchip

I think there's a couple of different sort of questions in there. I guess I would break it out between. I think as we think about the member and how they're thinking about value I would say we're seeing very similar trends to what we've talked about in prior quarters. Our members continue to show resilience in their spending and they show a willingness to spend in discretionary areas where they're seeing exciting new items at great value.

As we talked about the quarter, while gas was definitely a major impact on top line sales as members resonated with the value that we offer through our gas stations as they saw prices higher overall at the pump. When we look at our sales, excluding gas, they remain very robust. We had comp adjusted sales when you take out gas and FX in that sort of 6% to 7% range as they've been pretty much consistently year now. But I would say what really stood out for us during the quarter was, as you heard me say in maybe some of the prepared comments is that nonfood sales was the highest performing category overall, that shows that we are seeing members respond to the quality and the value items that we're offering and the value they present.

We also saw, as Ron mentioned in his comments, strong growth in travel as well, which I think is a good indicator of where there's great value. Our members are really embracing that proposition that we're offering. So we believe that we continue to offer a very compelling proposition for our members, and we're seeing a continuation of the trends that we've seen really throughout the year.

On the pricing investments to your point, really, we view that as very much a giving value back to our members for the tariff refunds that we received. And we -- our goal was to make sure that we spread those as we could to items that would have the most impact for members. So as Ron mentioned, quite a few everyday items were impacted. We did also invest some dollars into a number of nonfood areas where tariffs would have had an impact on those items, in particular, when the IEEPA tariffs were originally introduced. So overall, we view that very much as giving value back to our members for the tariffs that we pay, but we still feel very good about the comparable sales trajectory that we see in our performance and how our members are showing up and spending.

Operator

And our next question comes from the line of Simeon Gutman with Morgan Stanley.

Simeon Gutman

My question is on membership. So the spread between membership growth and the unit growth is now or not MFI, but membership growth. How do you look at that? How should we look at it? I'm sure it is a growth driver in some way. But can you make the case that as long as existing member spend continues to climb, then the narrowing spread is just noise?

Gary Millerchip

Thanks, Simeon. Yes, the way we look at our membership growth, to your point is we look at all the drivers of membership growth. And overall, when we think about the components of that, we were pleased with the year where we saw new member sign-ups grew during fiscal year '26. And that was at a time when we were cycling a strong growth in new member science from fiscal year 2025. And it was also without having any major outsized new openings in Asia that would typically cause a spike in new member sign-ups. So solid underlying performance in membership, [indiscernible] healthy level of sign-ups. And as Ron also mentioned in some of the earlier comments, what we've also been pleased with in that membership growth is seeing a younger member and sort of seeing that penetration go through over a quarter now of all members being under 40, we think is a really positive signs to your point about continued growth in spend per member.

We also saw a record level of executive membership penetration, both in new sign-ups and within the base, which again, similar to the theme you were sharing earlier, generally, our executive members spend at a higher level than our Gold Star members. So another sort of lead indicator that we feel is a good measure of quality around our member loyalty and member spend overall.

And then I think the final point on the membership sort of underlying metrics with the renewal rate absolute level being a strong data point, but also ticked up slightly during the quarter. So overall, we feel good about the membership metrics. But I think to your point, which is a really important one is, one of the things I think we're most excited about is when we look at the insights around membership is how we think about the quality of our membership base. And what I mean by that is we exit fiscal year 2026 with a record high executive penetration, as I mentioned, record high gas engagement, record high digital engagement. And when you look at sort of the things that we think about that are the strongest indicators of loyalty and likelihood of members continuing to spend the biggest share of wallet and spend more top line sales with us, then we do believe that really bodes well. And when you combine that with the underlying growth in membership, we think the combination of the 2 is a good indicator of the opportunity to keep growing top line sales.

Operator

And our next question comes from the line of Chuck Grom with Gordon Haskett.

Charles Grom

A year ago, the tariff backdrop forced you to remove a bunch of items from the store and add other SKUs. Can you remind us how long that lasted and impacted the business? And I guess, how are you feeling about the assortment today as we move into the holiday season?

Ron Vachris

Great question. It really was most impactful in the first, second quarter, died off a little bit in the third quarter that we got back to a little bit more normalcy. I feel very good about the holidays. We feel very good about the buying lineup that our folks have. And as Gary said, the strong nonfood sales we saw in this quarter was the precursor for us back in this business again, and we feel good about the quality goods we have coming and the members are responding very well. So primarily first, second quarter were the biggest impacts.

Operator

And our next question comes from the line of Scot Ciccarelli with Truist.

Scot Ciccarelli

I do have a follow-up on the membership. And Gary, I know you just went through a lot of this, but I guess the question is with kind of 8 quarters in a row where the membership growth has slowed, what do you think it will take to reverse that declining trend? And would you care to speculate when we might be able to see that?

Gary Millerchip

Yes. Thanks for the question, Scot. I think from our perspective, and we look at the -- you've heard me talk through the underlying metrics. We are seeing continued growth in new member sign-ups. We're seeing a normalization now I would say is the majority of those younger digitally engaged members are flowing through the membership renewal rate or the membership base. So we're seeing more of a normalization in that growth and the sort of overall renewal rate that we publish each quarter.

I think if you look at the outlook for this year, obviously, we don't give guidance as we think about particular metrics. But I think the sort of the growth rate that we've seen in recent quarters is probably more typical than what we'd expect to see based on where we are today with the growth in new members that we're seeing and the sort of normalization of the renewal rate. I think for us, as we look at sustained growth in top line sales, as I mentioned in response to Simeon's question, we look at it more of a balance between continued growth in the membership base as we're seeing today and a continued growth in spend of those members. I think over time, as you think about the longer-term benefit of executive membership penetration growing, that would certainly be a tailwind in renewal rate that could be an accelerated total membership growth.

And as Ron mentioned in some of his opening comments, as we enter some of the Asian markets with some outsized growth in new membership in the future, that could certainly be a catalyst for higher headline membership growth. But I think for us, when we look at the balance of the business, we feel good around where the membership growth rate is today, particularly with those quality metrics that I mentioned about the opportunity to see higher spend per member alongside that growth.

Operator

And our next question comes from the line of John Heinbockel with Guggenheim.

John Heinbockel

So guys, what visibility do you have on vendor price increases coming over the next several months, you probably get at least a 90-day or maybe a 90-day look. What's the visibility on that, the advantage of substitutability, so maybe talk about attacking it that way. And then your thought the role that KS will play, right, is maybe we get a step-up in those increases.

Ron Vachris

Yes. It is quite dynamic when you think about the different commodities we deal in, and some have a lot more foresight than others. And so we do -- we'll see up to 90 days on some items and other things could have some more urgency if they're more impacted by freight or resin prices or those kind of things. So it's anywhere from 30 days to 90 days plus. And I think all the things you talked about have a great asset in there, and we continue to see the Kirkland Signature brand broaden, and we continue to see some great Kirkland items that we're introducing out in the marketplace that are really very good tools for us to continue to fight back on lower pricing.

So we work collaboratively with our vendors and dealing with these commodity increases and try and keep prices down the best we can. And it's a continual focus for all of our buyers are looking at how to reduce pricing.

Operator

And our next question comes from the line of Rupesh Parikh with Oppenheimer.

Rupesh Parikh

So on the agentic commerce first, clearly an evolving backdrop, just overall, how do you feel Costco's position as the backdrop continues to evolve?

Gary Millerchip

Yes. Thanks for the question, Rupesh. I think as we talked about a little bit earlier on the call, we are excited about the opportunity with AI, particularly -- I don't know if I would say it's agentic commerce at the moment. I think for us, what we see is more members definitely using AI as at all to help them search for items of they're looking and thinking about shopping for different products and services. And we think because of the compelling value, as you know, we hold very closely and dearly the pricing authority that we have with our members. So we're always going to make sure that we will show up in a way for the items that we're selling we have the best value for our members. And we know that because we have a curated assortment and our buyers are personally vetting every item that we sell that the quality of those items. And so the reviews that members are going to see around the quality of the products that they're searching for should also be very strong.

So we feel it's a great opportunity for us, particularly as today, we don't do a lot of digital or we don't do any paid digital advertising. We certainly appear in digital advertising more because of the sort of reputation that we have as our members talk about us on social media. But AI presents an opportunity in a sort of a neutral environment for us to be able to ensure that our value and our quality shows up transparently for our members.

So it's early days in our mind, the traffic is growing significantly, but it's still a very low base. When we look at the volume that we see, we're seeing triple-digit growth in terms of the sales that we're seeing originate from that search activity on the different large language models, the AI tools that are out there for members. I think of that being a Gemini, Anthropic and OpenAI. And we're seeing encouraging growth in those areas. I think you heard me say on the earlier part of the call, what's also encouraging to us is when consumers or in our case, members are searching, it's also highlighting the value of a Costco membership, and we're seeing strong flow-through of membership activity and engagement because of the way our value is showing up there, too.

So I think we believe it's an exciting opportunity. We still got a lot of work to do as we've been optimizing and modernizing our digital capabilities. There's a lot of work going on in the teams right now to work with those large language models to identify how we can continue to clean up and update our data and our product pages so that our value continues to show up transparently in that environment. But we feel it's a continued opportunity for us to continue to grow sales and to highlight the value that we offer for our members.

Operator

Our next question comes from the line of Corey Tarlowe with Jefferies.

Corey Tarlowe

I think it was Gary in your prepared remarks you talked about how a lot of your newer members are younger and maybe more digitally savvy. Given the robust digital growth that you've seen, combined with the stronger growth from newer, younger members, does this at all cause you to think differently about perhaps what the optimal orientation is for the club over the next, let's say, 3 to 5 years?

Gary Millerchip

Yes. Thanks for the question. I think overall, what we're describing and what we're seeing is that, first of all, as younger members engage with Costco, of course, they're generally signing up through a digital phone or laptop or iPad because that's the way they generally start that engagement and journey. I think what we found over time is that how we communicate with those members, definitely requires continued growth in our digital capabilities through improving the member experience online and through the app as we've been doing over the last year or so, continuing to use the information that we know about our members to provide a better personalized experience for them as they're engaging through the membership.

But I think just as importantly, if not more importantly, as being to how we draw those members into the experience of the warehouse and to really help them see the value of the relationship. You may have seen actually there was a recent article that talked about for younger consumers, how they're really engaging and excited about experiences and the opportunity that Costco presents to be in a brick-and-mortar retail environment and to enjoy the treasure hunt experience and engage in whether it's the food court or other nonfood items that we offer.

So I think for us, we certainly see it as a different way for members to enter into the Costco experience, but the warehouse continues to be hugely important to the value that we offer for members to create a differentiated experience. So our amazing employees have the chance to engage with members and help build loyalty with them as well. So I don't know that we feel that it changes the way in which we'd expect the warehouse to look in the coming years but we do think having an experience that combines the value of everything we offer in the warehouse with enhancing the experience online is important to continue to grow member loyalty and we definitely see that where members engage with us through the warehouse and they're engaged to the digital app or engaging through digital channels. They're even more loyal and shopping more frequently, not just online but also in the warehouse as well.

Operator

And our next question comes from the line of Kelly Bania with BMO Capital Markets.

Kelly Bania

Gary, I wanted to go back to kind of the member the membership household growth. You made the point that, obviously, the Asia markets could be a catalyst for higher contribution to that membership growth over time. But are you willing to share some metrics on what member household -- new member households look like in international countries such as Asia and how that compares to the U.S. because it does look like with this acceleration to a net new 30 units, it does look like that's weighted a little bit more towards international. So can you just help us do some math around that.

Gary Millerchip

Yes. Thanks, Kelly. Certainly, we do expect, as you mentioned, to continue to grow new warehouses, and we believe we've got a path for the next 5 to 10 years of targeting that 30 new warehouses a year, which is why we continue to increase the capital investment towards that goal.

From a membership point of view, I would say -- and Ron may want to add some more color on this, too. I think it's important to sort of calibrate some of these things that we get to a strong outcome, whether it's in the new warehouses that we open or when you look at the success of our model overall in slightly different ways in the different markets that we operate in.

So if you think about some of those warehouses and businesses that we have in, say, Asia, like China, Japan, Korea. In many cases, we're going to see a much higher number of members per warehouse but they often visit less frequently. So we like the model, it performs very well. But the challenge there is how do we increase the level of frequency of visit and how do we increase the engagement with those members that we have in those markets because while the dynamics work very well overall, we think there's an opportunity to improve the how frequently and how much they're spending at Costco.

In a U.S. market, we might see less members per warehouse, but they're spending significantly more per member. And so we get to a similar strong economic outcome, but it's a different engagement in the way that they're engaging overall with Costco.

So when we talk about membership growth, it kind of comes back to my answer to one of the earlier questions is, for us, it's also about quality and ensuring that at one level, we could open a new warehouse in Asia that might have a significantly outsized growth in the membership base. And for a quarter or 2, it might show higher membership growth. But in some cases, you've got some of those members that are [ rigs ] coming in for the first year to experience Costco, and it might not really be a long-term value driver for us around membership renewal and continued shopping in the warehouses. Net-net, those Asian warehouses performed very well because they have a high number of members, but they do look a little bit different.

So for us, our focus is really on are we growing membership? Are we growing the quality of engagement with members and loyalty of members? And do we get to a strong sales performance by growing our membership base and growing engagement with those members? And I think based on the current outlook that we have for the growth in new warehouses. We feel good about the shape of how that looks at the moment. But certainly, it can change over time if you were to have 2 or 3 openings in Asia in a particular year, you might see higher growth in that membership base. But that might also mean when you look at our total metrics, it might be less impressive from a sales growth per member because it brings down that overall average.

Operator

And our next question comes from the line of Greg Melich with Evercore ISI.

Gregory Melich

Ron if you could unpack the inflation commentary a little bit more. I think you said that food inflation was running similar to prior quarters, maybe around 1% and that nonfood was higher, but decelerating. And I guess as part of that and the inflation outlook, how much do you think bringing the [indiscernible] back will add to average ticket in the next quarter?

Gary Millerchip

I love the question. Thanks, Greg. Yes, just to unpack inflation for you. So what we're seeing overall currently, if I add together the sort of the cumulative impact in all of our merchandising categories, we feel like inflation currently is running in the low single digits, and it's relatively stable overall from what we've seen in prior quarters. The area where we did see some increase in the current quarter was in non-foods. And that was really -- I wouldn't say it was isolated, but the vast majority of it was in memory costs on consumer electronics and the items that you would expect to be related to oil. So gas prices, which we include in our inflation number and petroleum-based items as well.

So those would be the areas where we would have seen the increase in nonfood. It would still be relatively low inflation overall, if you blend it out across all of nonfoods, but that would have had an impact overall on the inflation.

In fresh and food and sundry, yes, generally consistent with what we've seen in the prior couple of quarters. There's still inflation in certain areas. So I think of beef would be a good example where we still see inflation. We still see some inflation, I should say, in resins, as I mentioned, in steel, in flour, some individual commodities. But there are also deflationary items like eggs and dairy and butter and cheese in particular. So all those things generally blend out to largely offset each other.

I would say maybe just to comment on one thing to on unpack inflation, too. It might have seemed a bit contradictive for us to say inflation is relatively consistent, but we had a large LIFO charge during the quarter. Maybe just to clarify the way our LIFO calculation works. Because of the accounting around LIFO, if the inflation happens at the end of the year, so in the final quarter, we have to true up the inflation for the whole year. Normally, if it was fairly consistent throughout the year, you would spread the charge over each quarter. But because the inflation I mentioned in consumer electronics and in the gas and petroleum related items happened in the fourth quarter, we have to true up the whole sort of calculation on the inventory that we have on hand at the end of the year for the inflation rate.

So while we true up $150 million or so charge in the fourth quarter, if you look at the total charge for life over the year, it's slightly north of $200 million, which if you kind of divide that by the total inventory that we have on hand in the U.S., that would be about 1.5% inflation. So while it sounds like a big number in the quarter, it's still really only pointing to about 1.5% inflation as the impact of LIFO on the total inventory that we have at the end of the fiscal year, if that helps.

Operator

And our next question comes from the line of Oliver Chen with TD Cowen.

Unknown Analyst

This is Gabriela gar on for Oliver. I wanted to zoom out a little bit and ask about the strength of the consumer. Since you've noted for a couple of quarters now, strength in both value-oriented categories, but then also [indiscernible] ones like [indiscernible] or travel. I'd love to hear how you characterize the strength of the consumer today across income cohorts versus last quarter or last year? And then any commentary you can provide around price elasticity as you've made some of these additional value investments?

Gary Millerchip

Sure. Thanks for the question. I think we would say that when we think about the consumer or [indiscernible] member, of course, is that very similar to prior quarters. I think our members are very resilient, and they continue to show a willingness to spend on discretionary items where they see these exciting new items that are offering great value to them. And I think we do see both of the things you described, we see members being very thoughtful about where they're spending their dollars. They're looking for value in everyday items. But they're also, as I mentioned, willing to spend on items where they see it's a great value even if it is in some of those nondiscretionary categories.

So what I mean by that, maybe just taking as examples for you in the sort of 3 main categories that we focus on, which are nonfood, food and sundry and fresh. If you think about nonfoods, we see strength in everyday items where we offer great value on things like tires and housewares and even everyday furniture. But we also see strong growth in some of the health and beauty items like small appliances, when you look at self-care things like fragrances, skin and hair care, even members want to splurge on great value items where we're offering tremendous value on massage chairs and so on as those kind of items. We've seen over 50% growth in those items.

So in nonfood, they will be good examples where we're seeing both of those dynamics at play of looking for that great value on every day, but also willing to buy items that are maybe more discretionary where they see the value.

Similarly, [indiscernible] fresh, everyday items, it really shows up in ground beef and poultry, but then on premium items in USDA prime and wagyu beef, but also in bakery, we see tremendous strength in bakery, where we're offering really great quality indulgent items for members to buy. So I think it shows up in all the different categories. We see both elements of it. And the nice thing about being an item business is I think we're able to deliver on both of those expectations of our members, and we're seeing growth in both ends of that spectrum.

Operator

And our next question comes from the line of Kate McShane with Goldman Sachs.

Katharine McShane

It's been asked a couple of times just with regards to the younger customer. But our question with regards to that was, it sounds like they maybe start buying a little bit less when they come to you than the average member, and we just wondered what that maturity curve look like. And then just how much incremental lift do you expect from your new third-party fulfillment agreements?

Gary Millerchip

Sure. Thanks, Kate. On the maturity, it's really a case of what we tend to find is that younger members, generally speaking, as you might imagine, are a smaller household. And generally, the income levels are a little bit lower than when they sort of for us would sort of reach their peak maturity and guessing having the most need for what we offer at Costco. So really, as they go through that sort of pre 40 through 40 to 55 or so is when we see our members hit that peak spending pattern because their income is generally at its peak and they're also sort of largest family size. So generally taking advantage of the broader elements of what Costco has to offer.

I'd probably call out more in the shorter term, some of the other metrics that I mentioned around the potential for higher spend per member. When we look at our executive member penetration and how that's grown, generally speaking, as members are investing at a higher level in the fee, they psychologically, if you like, looking to get the most value from their membership. And so we tend to see higher spend on executive members. And similarly, as members engage in more in gas, we tend to find they visit more frequently. We didn't necessarily see that in the very early days of the spike in gas prices in the market because I think members were generally filling up short term to fill in more frequently rather than visiting at the same time to the warehouse. But we do believe that as members see the value of gas that we're offering, and we've got more new members buying gas for the first time, but we think that's a great indicator of continued spend and growth with members as well. So I think it's a combination of all of those that we would expect to be positive for us in terms of driving that incremental spend per member.

And on the third-party side, our general experience is that there are different consumers or members for us that are engaging in the different platforms. So we do think there'll be incrementality by bringing more choice to our members. And generally speaking, we find where members engage in 1 of those 3 platforms or at least Instacart for us so far. It's generally incremental. So it tends to be an additional shopping trip versus it's pulling away from anything that we see as [indiscernible] overall loyalty as well.

Operator

And our next question comes from the line of Chris Horvers with JPMorgan.

Christopher Horvers

I want to try to bring together sort of the pricing and inflation question a little bit. So we're getting to a point where I think the egg deflation should start to go to 0 and no longer be a headwind. And it also seems like we're getting past most retailers the time frame of reinvesting tariff rebates and the oil is persistent enough where prices probably do go up.

So I guess as you look ahead in the calendar year, do you think that grocery inflation number, the low single digit, has a bit of an inflection coming or on the other hand, do you think that the softer industry volumes around grocery, obviously not for Costco, but across the industry, it is weaker because of some of the pressures on the low end do you think we don't have that sort of ultimate rationality that the industry has always demonstrated. Obviously, you're the last raise and first to lower, but ultimately, you do act rational when there are these persistent cost pressure.

So I just want to get the overall view on like how you think grocery inflation proceeds over the next 3 to 6 months and whether the industry is sort of strong enough and rational enough for those prices to actually go up?

Gary Millerchip

Yes. I think for us, it's -- as you might expect, we think it's difficult to predict what's going to happen with inflation, I think especially because of the uncertainty around the situation with the Middle East and how long that might impact and what you might see in terms of volatility in prices on oil and oil-related items. And then, of course, there's still uncertainty around potentially where exactly we land on the tariffs that exist today or could exist in the future.

So I think there are variables that make it really hard for us to predict with too much precision of what may happen. I think as you -- so the best reference for us, we can share, I think, is really what we've seen in recent quarters. I don't know that we call out outside of caveating everything I'd say with those 2 major factors could have a meaningful impact on what happens in the coming 6 to 12 months.

Generally speaking, we've seen prices be relatively stable. And I think you're right, we may see the world a little bit differently because our focus is always on how do we find ways to lower our costs, how are we finding efficiencies to offset where there might be commodity price inflation. I don't know that we'd characterize what we see today as being any different looking forward from that outside of the unknowns that I just described.

And so from our perspective, it's been a relatively stable environment for inflation. And we're -- our goal is to continue to find ways to find cost savings and efficiencies that would offset where we might see those pressures to keep prices and value there for our members and drive top line sales.

Operator

And our next question comes from the line of David Bellinger with Mizuho.

David Bellinger

I want to go into the third-party delivery expansion a bit more. Should we think about this as the ultimate solution for delivering for Costco? Because you do have a higher mix of these younger customers coming in, they tend to mix towards a propensity for faster delivery speeds, a lot of convenience. So is this -- or could there be some type of precursor here for a new investment cycle for Costco, where you have to meet those needs of the consumer ever more than you did in the past?

Ron Vachris

I think we feel pretty good about where we are with the digital engagement and delivery times. Be it in big and bulky, we've made some significant improvements in the past 5 years, bringing our times of delivery of furnishings and appliances from 4 to 5 weeks down to 3 and 4 days. The same type of thing -- the same type of improvement has been experienced in this same-day delivery. And the majority of these deliveries are done within 45 minutes, that was what the customer wants.

Gary said earlier, we find a lot of this interaction to be incremental to our experiences with our members. They're still visiting the clubs regularly but they use these as fill-in shops and some may use them even more frequently than that. So we see it as a great addition to the offering and there is a subset of people that really take advantage of this, and that tends to be the younger customers that we have. that resonate more with the immediacy of delivery, and they want that then. But we do see it really serving a purpose, be it from prescription deliveries to grocery deliveries, it's broad-based, and it's very again, like we said, incremental to the relationship with our members out there.

Operator

And our final question comes from the line of Christopher Nardone with Bank of America.

Christopher Nardone

So first, I was wondering if there's any specific cost buckets within SG&A where you're starting to see more pressure relative to the last few quarters. And if there's any reason you wouldn't be able to continue leveraging SG&A if you're comping in the 6% range in the foreseeable future. if I can sneak in a quick follow-up just separately on GLP-1s. Just curious if you're starting to see an impact to sales from some of these recent price changes? And if not, could we see a larger headwind next year in calendar '27 from the next round of pricing cuts?

Gary Millerchip

Yes. Thanks for the questions. I think first of all, on SG&A, I think you characterized it pretty well. We did see a little bit of leverage during the quarter. I wouldn't say that there is anything that we'd call out today that would cause us to think there's some major sort of headwinds that would impact our ability if we're comping at the rate that you mentioned to be able to create some leverage in the model.

I think the one area that we have called out previously in other quarters would be general liability and health care as costs that have been growing at a faster rate. But Q4 would be a good example where we were able to continue to achieve a little bit of SG&A leverage even with continued cost increases in those areas. But certainly, if that trend would to deteriorate, that would be a factor that could influence our ability to do that.

But when we look at our employee agreements, I think those are factored in for a 3-year period and year 1 is always the most expensive of a 3-year agreement there. So we're into year 2 now with that. So from -- when we look at the sort of opportunities to continue to be more productive as we drive top line sales, I don't think there's anything particularly I would call out that would be something to watch out for beyond what you saw in our Q4 results.

From a GLP-1 perspective, I think you -- probably the best way to look at it is the example of what's happened as Ron shared in our earlier comments with the initial changes on GLP-1s. We certainly had some impact on our business, but with the significant value that we offer through the programs that we've invested in to date and continue to invest in. We feel like we found ways to both offset those impacts and also drive more value for our members and drive increased script count as well as top line sales. So while I do think there will continue to be those underlying headwinds that we have to manage, we feel good about the way in which we're delivering more value for members through our health care, creating more convenience for them, and we believe those will allow us to continue to see momentum in that part of our business.

Ron Vachris

At Costco, when we see lower prices, we see an opportunity, and we've really taken great advantage of that this year in the pharmacy with the lower GLP pricing, the lower drug prices that we've been out there, how we've been able to capitalize on more unit growth. The same type of thing with the tariff investments that we've made. We've made significant tariff investments. Unit growth has been fantastic, and that's what it's all about is how do we get that value back to the member and the units have responded excellent, and we continue to see that in the pharmacy and in the core business itself. So we look to the opportunities at lower prices and taking care of our members.

Operator

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.