Costco Wholesale Corporation Reports March Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) reported net sales of $21.61 billion for the five weeks ending on April 3, 2022, marking an 18.7% increase from the previous year. For the thirty-one weeks, net sales reached $130 billion, up 16.7%. Comparable sales in the U.S. rose by 19.1%, while Canada and other international regions saw increases of 15.7% and 8.4% respectively. The additional shopping day due to the calendar shift of Easter positively impacted sales by 1.5% to 2%.

Positive

• Net sales increased 18.7% to $21.61 billion for March.
• Total sales for 31 weeks reached $130 billion, up 16.7%.
• U.S. comparable sales grew by 19.1%, indicating robust domestic performance.
• Additional shopping day due to Easter boosted sales estimates.

Negative

• None.

ISSAQUAH, Wash., April 06, 2022 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $21.61 billion for the retail month of March, the five weeks ended April 3, 2022, an increase of 18.7 percent from $18.21 billion last year.

For the thirty-one weeks ended April 3, 2022, the Company reported net sales of $130.00 billion, an increase of 16.7 percent from $111.37 billion during the similar period last year.

Comparable sales were as follows:

		5 Weeks			31 Weeks
	U.S.	19.1	%		16.1	%
	Canada	15.7	%		16.0	%
	Other International	8.4	%		9.1	%
	Total Company	17.2	%		15.1	%
	E-commerce	8.9	%		12.5	%

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

		5 Weeks			31 Weeks
	U.S.	12.7	%		11.1	%
	Canada	12.2	%		10.5	%
	Other International	10.1	%		9.8	%
	Total Company	12.2	%		10.8	%
	E-commerce	9.2	%		12.2	%

This year’s five-week March retail month had one additional shopping day versus last year, due to the calendar shift of Easter. This positively impacted total and comparable 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 3899395). This message will be available through 5:00 p.m. (PT) on Wednesday, April 13, 2022.

Costco currently operates 829 warehouses, including 573 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. 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, and 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 sales figures for March 2022?

Costco reported net sales of $21.61 billion for March 2022, an increase of 18.7% from the prior year.

How did Costco perform in the first 31 weeks of 2022?

In the first 31 weeks of 2022, Costco's net sales totaled $130 billion, up 16.7% from the same period last year.

What was the impact of the Easter calendar shift on Costco's sales?

The calendar shift of Easter added an extra shopping day, positively impacting sales by approximately 1.5% to 2%.

What were the comparable sales growth rates for Costco in March 2022?

Comparable sales grew by 19.1% in the U.S., 15.7% in Canada, and 8.4% in other international regions.