Costco Wholesale Corporation Reports November Sales Results

Rhea-AI Summary

Costco Wholesale (NASDAQ: COST) reported net sales of $21.87 billion for November 2024, marking a 5.6% increase from $20.71 billion last year. The company's first-quarter net sales reached $60.99 billion, up 7.5% year-over-year.

Total company comparable sales grew 3.1% over 4 weeks, with U.S. sales up 3.4%, Canada up 3.7%, and Other International up 1.3%. E-commerce sales declined 3.1%, impacted by an estimated 15 percentage point decrease due to the later timing of Thanksgiving/Black Friday/Cyber Monday events.

Excluding gasoline prices and foreign exchange impacts, comparable sales showed stronger growth: U.S. (4.3%), Canada (5.7%), and Other International (7.3%). Costco currently operates 897 warehouses globally, with e-commerce presence in eight countries.

Positive

• Net sales increased 5.6% to $21.87 billion in November 2024
• First quarter net sales grew 7.5% to $60.99 billion
• Comparable sales excluding gas and forex showed strong growth across all regions (4.9% total)
• Global expansion continues with 897 warehouses across multiple countries

Negative

• E-commerce sales declined 3.1% in November
• Total comparable sales growth of 3.1% was lower than previous periods
• Total and comparable sales negatively impacted by approximately 1.5% due to e-commerce shift

Insights

Financial Analyst

Costco's November sales metrics reveal a robust growth trajectory with total net sales reaching $21.87 billion, marking a 5.6% increase year-over-year. The first quarter performance is particularly strong, with net sales of $60.99 billion, up 7.5%.

The core business shows resilience with total company comparable sales excluding gas and forex impacts growing at 4.9% for November. International markets, particularly Canada and Other International segments, demonstrated strong growth when adjusted for currency effects. The temporary e-commerce decline of -3.1% is primarily due to calendar shifts in major shopping events and doesn't reflect underlying weakness.

The warehouse expansion continues steadily with 897 locations globally, supporting the company's physical growth strategy. The sustained comparable sales growth across regions, coupled with successful international expansion, indicates strong fundamental performance and effective execution of Costco's business model.

Market Research Analyst

The sales data highlights Costco's continued market strength and consumer loyalty. The 7.2% comparable sales growth (ex-gas/forex) in U.S. for Q1 demonstrates strong domestic market penetration. The international segment's 7.1% comparable growth suggests successful market adaptation and brand resonance globally.

Despite the e-commerce decline in November, the 13.2% quarterly growth (ex-gas/forex) shows digital channel momentum. The temporary setback due to shifted holiday timing (estimated 15 percentage point impact) should normalize in December's results. The diverse geographical expansion, particularly in high-potential markets like China and Europe, positions Costco well for sustained growth and market share gains.

ISSAQUAH, Wash., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $21.87 billion for the retail month of November, the four weeks ended December 1, 2024, an increase of 5.6 percent from $20.71 billion last year.

For the twelve-week first quarter ended November 24, 2024, the Company reported net sales of $60.99 billion, an increase of 7.5 percent from $56.72 billion last year.

Net sales for the first thirteen weeks were $66.52 billion, an increase of 7.2 percent from $62.04 billion last year.

Comparable sales were as follows:

	4 Weeks		12 Weeks		13 Weeks
	Retail		Q1 FY’25		YTD
U.S.	3.4%		5.2%		4.7%
Canada	3.7%		5.8%		5.7%
Other International	1.3%		4.7%		5.7%
Total Company	3.1%		5.2%		5.0%
E-commerce	-3.1%		13.0%		10.1%

Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were as follows:

	4 Weeks		12 Weeks		13 Weeks
	Retail		Q1 FY’25		YTD
U.S.	4.3%		7.2%		6.6%
Canada	5.7%		6.7%		6.8%
Other International	7.3%		7.1%		8.5%
Total Company	4.9%		7.1%		6.9%
E-commerce	-2.5%		13.2%		10.5%

E-commerce sales in November were negatively impacted by an estimated 15 percentage points, due to Thanksgiving / Black Friday / Cyber Monday occurring a week later this year versus last year. Total and comparable sales were negatively impacted by approximately one and one-half percent as a result of the shift in E-commerce sales.

Additional discussion of these results is available in a pre-recorded message. It can be accessed by visiting investor.costco.com (click on “Events & Presentations”). This message will be available through 4:00 p.m. (PT) on Wednesday, December 11, 2024.

Costco currently operates 897 warehouses, including 617 in the United States and Puerto Rico, 109 in Canada, 41 in Mexico, 36 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.

Certain statements contained in this document and the pre-recorded message 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), 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 David Sherwood, 425/313-8239 Josh Dahmen, 425/313-8254 Andrew Yoon, 425/313-6305

COST-Sales

FAQ

What was Costco's (COST) total net sales for November 2024?

Costco reported net sales of $21.87 billion for November 2024, representing a 5.6% increase from $20.71 billion in the previous year.

How did Costco's (COST) e-commerce sales perform in November 2024?

Costco's e-commerce sales declined by 3.1% in November 2024, primarily due to a 15 percentage point impact from the later timing of Thanksgiving/Black Friday/Cyber Monday events.

What was Costco's (COST) first-quarter sales performance for 2024?

Costco's first-quarter net sales reached $60.99 billion, showing a 7.5% increase from $56.72 billion in the previous year.

How many warehouses does Costco (COST) currently operate globally?

Costco currently operates 897 warehouses globally, including 617 in the United States and Puerto Rico, with presence across 13 other countries.