Costco Wholesale Corporation Reports October Sales Results

Rhea-AI Summary

Costco (COST) reported net sales of $20.03 billion for October 2024, showing a 7.2% increase from $18.68 billion last year. The first nine weeks' sales reached $44.65 billion, up 8.0% year-over-year. Total company comparable sales grew 5.1% for the 4-week period and 5.9% for the 9-week period. E-commerce showed strong performance with 19.3% and 21.2% growth for the respective periods. October results were negatively impacted by sales pull-forward due to September's hurricanes and port strikes, affecting total and comparable sales by over 1% in the U.S. and slightly less worldwide.

Positive

• Net sales increased 7.2% to $20.03 billion in October
• E-commerce sales grew significantly by 19.3% in October
• Strong international performance with Canada showing 8.0% comparable sales growth
• Nine-week sales up 8.0% to $44.65 billion

Negative

• October sales negatively impacted by pull-forward effect from September hurricanes and port strikes
• U.S. comparable sales growth (4.1%) lagged behind other regions

ISSAQUAH, Wash., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $20.03 billion for the retail month of October, the four weeks ended November 3, 2024, an increase of 7.2 percent from $18.68 billion last year.

Net sales for the first nine weeks were $44.65 billion, an increase of 8.0 percent from $41.33 billion last year.

Comparable sales were as follows:

	4 Weeks		9 Weeks
U.S.	4.1%		5.4%
Canada	8.0%		6.7%
Other International	7.1%		7.9%
Total Company	5.1%		5.9%
E-commerce	19.3%		21.2%

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

	4 Weeks		9 Weeks
U.S.	5.8%		7.7%
Canada	8.7%		7.4%
Other International	8.4%		9.1%
Total Company	6.5%		7.8%
E-commerce	19.3%		21.2%

October results were negatively affected by a pull forward in sales from the abnormal consumer activity associated with the hurricanes and port strikes in September. The estimated impact on October’s total and comparable sales was a little more than one percent in the U.S. and slightly less than one percent worldwide.

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, November 13, 2024.
        
Costco currently operates 892 warehouses, including 615 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 35 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 sales growth in October 2024?

Costco's net sales grew 7.2% to $20.03 billion in October 2024 compared to the previous year.

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

Costco's e-commerce sales increased by 19.3% in October 2024.

What factors affected Costco's (COST) October 2024 sales performance?

October sales were negatively affected by sales pull-forward due to hurricanes and port strikes in September, impacting total and comparable sales by over 1% in the U.S.

What was Costco's (COST) comparable sales growth for October 2024?

Costco's total company comparable sales grew 5.1% for October 2024, with U.S. at 4.1%, Canada at 8.0%, and Other International at 7.1%.