Costco Wholesale Corporation Reports June Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) reported net sales of $18.92 billion for June 2021, a 16.9% increase from the previous year. For the forty-four weeks ending July 4, 2021, net sales reached $161.09 billion, up 18.1% year-over-year. Comparable sales increased 14.1% for June, with e-commerce sales rising 20.8%. Sales were impacted by one less shopping day due to a calendar shift, reducing sales by approximately 1.5% to 2%. Costco operates 810 warehouses globally, including 559 in the U.S.

Positive

• Net sales increased to $18.92 billion in June 2021, a 16.9% year-over-year rise.
• For the 44-week period, net sales grew to $161.09 billion, marking an 18.1% increase.
• U.S. comparable sales rose by 12.1% for June and 14.9% for the 44 weeks.
• Canadian comparable sales saw a significant 23.4% increase for June.
• E-commerce sales surged 20.8% in June and 53.4% year-over-year for the 44 weeks.

Negative

• Sales were negatively impacted by approximately 1.5% to 2% due to one fewer shopping day in June.

ISSAQUAH, Wash., July 08, 2021 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $18.92 billion for the retail month of June, the five weeks ended July 4, 2021, an increase of 16.9 percent from $16.18 billion last year.

For the forty-four weeks ended July 4, 2021, the Company reported net sales of $161.09 billion, an increase of 18.1 percent from $136.37 billion last year.

Comparable sales were as follows:

		5 Weeks		44 Weeks
	U.S.	12.1%		14.9%
	Canada	23.4%		21.0%
	Other International	15.4%		20.2%
	Total Company	14.1%		16.4%
	E-commerce	20.8%		53.4%

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

		5 Weeks		44 Weeks
	U.S.	7.8%		14.4%
	Canada	8.9%		13.5%
	Other International	6.8%		14.5%
	Total Company	7.9%		14.3%
	E-commerce	18.0%		51.5%

This year’s June retail month had one fewer shopping day versus last year, due to the calendar shift of Memorial Day. This shift negatively impacted sales by approximately one and one-half to two percent.

Additional discussion of these results is available in a pre-recorded telephone message. It can be accessed by dialing 1-855-859-2056 (conference ID 8281958). This message will be available through 5:00 p.m. (PT) on Thursday, July 15, 2021.

Costco currently operates 810 warehouses, including 559 in the United States and Puerto Rico, 105 in Canada, 39 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 12 in Australia, three in Spain, and one each in Iceland, France, and China. 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), the ability to maintain effective internal control over financial reporting, COVID-19 related factors and challenges, including (among others) the duration of the pandemic, the unknown long-term economic impact, reduced shopping due to illness, travel restrictions or financial hardship, shifts in demand for products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures or operational limitations due to government mandates, or supply-chain disruptions, capacity constraints of third-party logistics suppliers, 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 Bob Nelson, 425/313-8255 David Sherwood, 425/313-8239 Josh Dahmen, 425/313-8254

FAQ

What were Costco's net sales for June 2021?

Costco reported net sales of $18.92 billion for June 2021, a 16.9% increase from the previous year.

How did Costco's sales perform over the 44-week period?

For the 44 weeks ending July 4, 2021, Costco's net sales reached $161.09 billion, which is an 18.1% increase year-over-year.

What was the impact of gasoline prices on Costco's comparable sales?

Costco's comparable sales for June increased by 14.1%, excluding the impacts of gasoline prices.

How did e-commerce sales perform for Costco in 2021?

E-commerce sales grew by 20.8% in June and by 53.4% for the 44-week period.

What factors impacted Costco's sales in June 2021?

Sales were negatively impacted by approximately 1.5% to 2% due to one fewer shopping day compared to last year.