Costco’s store results varied regionally, with sales up more in the U.S. than in Canada.
Photo:
frederic j. brown/Agence France-Presse/Getty Images
Costco
COST -0.11%
Wholesale Corp. posted an 8% rise in sales in its first quarter as consumers sought discounts on bulk goods amid high inflation.
The warehouse retailer, which sells groceries, electronics, furniture and appliances to paying members, reported $54.4 billion in sales for the three months ended Nov. 20, beating analyst expectations of $50.4 billion, according to FactSet.
Costco posted a year-over-year increase in revenue from membership fees to $1 billion from $946 million. Meanwhile, its merchandise costs decreased more than 8% to $47.8 billion.
The Issaquah, Wash.-based company’s comparable sales, representing transactions from stores and digital channels operating for at least 12 months, rose 6.6% in the period, boosted by its performance in U.S. stores.
Store results varied regionally, with comparable sales climbing 9.3% in the U.S., significantly ahead of the 2.4% increase seen in Canada.
Online sales, on the other hand, were down 3.7% from the prior year, Costco said.
Costco operates 847 warehouses, including 583 in the U.S. and 107 in Canada. Its e-commerce sites also operate in the U.S. and internationally.
Overall for the quarter, Costco’s net income rose to $1.4 billion, or $3.07 a share, compared with $1.3 billion, or $2.98 a share, for the prior year.
Costco competitor
BJ’s Wholesale Club Holdings Inc.
reported more memberships in its recently reported third quarter as inflationary pressures bore down on consumers.
Write to Sabela Ojea at sabela.ojea@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the December 9, 2022, print edition as ‘Costco Posts 8% Jump in Sales.’
Costco’s store results varied regionally, with sales up more in the U.S. than in Canada.
Photo:
frederic j. brown/Agence France-Presse/Getty Images
Costco
COST -0.11%
Wholesale Corp. posted an 8% rise in sales in its first quarter as consumers sought discounts on bulk goods amid high inflation.
The warehouse retailer, which sells groceries, electronics, furniture and appliances to paying members, reported $54.4 billion in sales for the three months ended Nov. 20, beating analyst expectations of $50.4 billion, according to FactSet.
Costco posted a year-over-year increase in revenue from membership fees to $1 billion from $946 million. Meanwhile, its merchandise costs decreased more than 8% to $47.8 billion.
The Issaquah, Wash.-based company’s comparable sales, representing transactions from stores and digital channels operating for at least 12 months, rose 6.6% in the period, boosted by its performance in U.S. stores.
Store results varied regionally, with comparable sales climbing 9.3% in the U.S., significantly ahead of the 2.4% increase seen in Canada.
Online sales, on the other hand, were down 3.7% from the prior year, Costco said.
Costco operates 847 warehouses, including 583 in the U.S. and 107 in Canada. Its e-commerce sites also operate in the U.S. and internationally.
Overall for the quarter, Costco’s net income rose to $1.4 billion, or $3.07 a share, compared with $1.3 billion, or $2.98 a share, for the prior year.
Costco competitor
BJ’s Wholesale Club Holdings Inc.
reported more memberships in its recently reported third quarter as inflationary pressures bore down on consumers.
Write to Sabela Ojea at sabela.ojea@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the December 9, 2022, print edition as ‘Costco Posts 8% Jump in Sales.’