Costco Wholesale Corporation Reports April Sales Results

Rhea-AI Summary

Costco Wholesale reported net sales of $19.80 billion for April 2024, showing a 7.1% increase from the previous year. The total net sales for the year were $166.44 billion, up by 7.0% from last year. E-commerce sales also saw a significant increase. However, the shift in the timing of Easter negatively impacted total and comparable sales by over 0.5%.

Positive

• Costco reported a significant increase in net sales for April 2024 compared to the previous year, indicating a positive growth trend.

• The company's e-commerce sales experienced a notable surge, reflecting Costco's success in the online retail market.

Negative

• The shift in the timing of Easter had a negative impact on total and comparable sales, lowering the overall sales figures by more than 0.5%.

ISSAQUAH, Wash., May 08, 2024 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $19.80 billion for the retail month of April, the four weeks ended May 5, 2024, an increase of 7.1 percent from $18.48 billion last year.

Net sales for the first 35 weeks were $166.44 billion, an increase of 7.0 percent from $155.62 billion last year.

Comparable sales were as follows:

		4 Weeks		35 Weeks
	U.S.	5.8%		4.1%
	Canada	5.2%		7.7%
	Other International	5.1%		9.1%
	Total Company	5.6%		5.2%
	E-commerce	14.6%		14.7%

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

		4 Weeks		35 Weeks
	U.S.	5.2%		4.4%
	Canada	5.9%		8.2%
	Other International	7.0%		7.8%
	Total Company	5.5%		5.3%
	E-commerce	14.8%		14.6%

This year’s retail month of April was impacted by the shift in timing of Easter. The shift negatively impacted total and comparable sales by a little more than 0.5 percent.

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, May 15, 2024.

Costco currently operates 876 warehouses, including 604 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, six in China, four 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), energy and certain commodities, geopolitical conditions (including tariffs and the Ukraine conflict), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to climate change, 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 were Costco's net sales for April 2024?

Costco reported net sales of $19.80 billion for April 2024, a 7.1% increase from the previous year.

How did the shift in the timing of Easter impact Costco's sales?

The shift in the timing of Easter negatively impacted total and comparable sales by over 0.5% for Costco.

In which countries does Costco operate its warehouses?

Costco currently operates warehouses in the United States, Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Iceland, New Zealand, and Sweden.

Where can investors access additional discussion on Costco's sales results?

Investors can access additional discussion on Costco's sales results through a pre-recorded message available on investor.costco.com until May 15, 2024.