Costco Wholesale Corporation Reports January Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) reported net sales of $16.84 billion for January 2023, reflecting a 6.9% increase from $15.76 billion last year. The Lunar New Year, occurring earlier this year on January 22, negatively impacted sales by approximately 2% in Other International segments. For the 22 weeks ended January 29, 2023, net sales reached $99.00 billion, up 7.5% from $92.10 billion in the same period last year. Comparable sales in the U.S. grew by 6.6% for the month and 7.8% for the 22 weeks. However, e-commerce sales declined by 15.4% for January and 6.4% for the 22-week period.

Positive

• Net sales of $16.84 billion in January, up 6.9% year-over-year.
• 22-week sales of $99.00 billion, a 7.5% increase from the previous year.
• U.S. comparable sales rose by 6.6% for January and 7.8% for 22 weeks.

Negative

• Sales decline of approximately 2% in Other International segments due to the earlier Lunar New Year.
• E-commerce sales decreased significantly by 15.4% in January and 6.4% over 22 weeks.

ISSAQUAH, Wash., Feb. 01, 2023 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $16.84 billion for the retail month of January, the four weeks ended January 29, 2023, an increase of 6.9 percent from $15.76 billion last year.

Lunar New Year/Chinese New Year occurred on January 22, 10 days earlier this year. The shift negatively impacted January’s Other International and Total Company sales by approximately 2% and 0.25%, respectively.

For the 22 weeks ended January 29, 2023, the Company reported net sales of $99.00 billion, an increase of 7.5 percent from $92.10 billion last year.

Comparable sales were as follows:

	4 Weeks		22 Weeks
U.S.	6.6%		7.8%
Canada	2.4%		3.0%
Other International	3.9%		-0.2%
Total Company	5.6%		6.0%
E-commerce	-15.4%		-6.4%

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

	4 Weeks		22 Weeks
U.S.	6.9%		6.4%
Canada	8.9%		9.0%
Other International	8.7%		9.0%
Total Company	7.4%		7.1%
E-commerce	-14.4%		-5.0%

Additional discussion of these results is available in a pre-recorded telephone message. It can be accessed by dialing 1-833-927-0473. This message will be available through 5:00 p.m. (PT) on Wednesday, February 8, 2023.

Costco currently operates 848 warehouses, including 584 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 18 in Korea, 14 in Taiwan, 14 in Australia, four in Spain, two each in France and China, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

Certain statements contained in this document and the pre-recorded telephone 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), 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, COVID-19 related factors and challenges, 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.

CONTACTS:		Costco Wholesale Corporation Richard Galanti, 425/313-8203 David Sherwood, 425/313-8239 Josh Dahmen, 425/313-8254

COST-Sales

FAQ

What were Costco's net sales for January 2023?

Costco reported net sales of $16.84 billion for January 2023.

How much did Costco's sales increase in January 2023 compared to last year?

Sales increased by 6.9% from $15.76 billion last January.

What was the impact of the Lunar New Year on Costco's sales?

The Lunar New Year negatively impacted sales by approximately 2% in Other International segments.

What were the comparable sales figures for Costco in the U.S. for January 2023?

U.S. comparable sales grew by 6.6% in January 2023.

How did e-commerce sales perform for Costco in January 2023?

E-commerce sales decreased by 15.4% in January 2023.