Costco Wholesale Corporation Reports March Sales Results

Rhea-AI Summary

Costco Wholesale Corporation reported net sales of $21.71 billion for March 2023, a 0.5% increase from the previous year. For the thirty-one weeks ending April 2, 2023, net sales reached $137.77 billion, reflecting a 6.0% growth compared to $130.00 billion last year. U.S. comparable sales decreased by 1.5%, while total company comparable sales dropped 1.1% for the five-week period. However, e-commerce sales fell significantly, down 12.7% in March. In contrast, excluding gasoline price fluctuations and foreign exchange impacts, U.S. comparable sales increased by 0.9%. Costco operates 850 warehouses globally, with the majority located in the U.S. and Canada.

Positive

• Net sales for March 2023 reached $21.71 billion, a 0.5% increase YoY.
• Total sales for the thirty-one weeks increased to $137.77 billion, up 6.0% YoY.
• U.S. comparable sales grew by 0.9% when excluding gasoline price changes.

Negative

• U.S. comparable sales decreased by 1.5% for March.
• Total company comparable sales fell by 1.1% for the five-week period.
• E-commerce sales declined by 12.7% in March.

ISSAQUAH, Wash., April 05, 2023 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $21.71 billion for the retail month of March, the five weeks ended April 2, 2023, an increase of 0.5 percent from $21.61 billion last year.

For the thirty-one weeks ended April 2, 2023, the Company reported net sales of $137.77 billion, an increase of 6.0 percent from $130.00 billion last year.

Comparable sales were as follows:

	5 Weeks		31 Weeks
U.S.	-1.5%		5.7%
Canada	-2.4%		1.9%
Other International	2.0%		0.9%
Total Company	-1.1%		4.5%
E-commerce	-12.7%		-7.8%

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

	5 Weeks		31 Weeks
U.S.	0.9%		5.2%
Canada	7.4%		8.5%
Other International	7.6%		9.1%
Total Company	2.6%		6.1%
E-commerce	-11.6%		-6.6%

Additional discussion of these results is available in a pre-recorded message. It can be accessed by dialing 1-866-672-0388 or by visiting investor.costco.com (click on “Events & Presentations”). This message will be available through 5:00 p.m. (PT) on Wednesday, April 12, 2023.

Costco currently operates 850 warehouses, including 585 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, three in China and two in France, 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, 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.

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 March 2023?

Costco reported net sales of $21.71 billion for March 2023.

How did Costco's sales perform for the month compared to last year?

Sales increased by 0.5% from $21.61 billion in March last year.

What are the comparable sales figures for Costco in the U.S. for March?

U.S. comparable sales decreased by 1.5% for March 2023.

What were the total sales figures for Costco for the thirty-one weeks ended April 2, 2023?

Total sales for that period were $137.77 billion, a 6.0% increase from last year.

How much did Costco's e-commerce sales decline in March 2023?

E-commerce sales fell by 12.7% in March 2023.