Costco Wholesale Corporation Reports March Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) announced net sales of $18.21 billion for March 2021, a significant increase of 17.6% from $15.49 billion last year. For the 31 weeks ending April 4, total sales reached $111.37 billion, up 15.7% year-over-year. Comparable sales showed 16.0% growth overall, with U.S. sales growing 13.9%, Canada 28.3%, and other international 16.4%. Notably, e-commerce sales surged 57.7% for the month. However, a shift in the Easter calendar reduced sales impacts by 1.5% to 2%.

Positive

• Net sales for March 2021 reached $18.21 billion, a 17.6% increase year-over-year.
• Total sales for the 31 weeks reached $111.37 billion, up 15.7% from last year.
• Strong growth in comparable sales overall at 16.0%.
• U.S. comparable sales grew by 13.9%, indicating robust domestic performance.
• Canadian sales increased by 28.3%, showing strong market strength.
• E-commerce sales surged by 57.7% for the month.

Negative

• Sales impacted by one fewer shopping day due to calendar shift of Easter, reducing total sales growth by approximately 1.5% to 2%.

ISSAQUAH, Wash., April 07, 2021 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $18.21 billion for the retail month of March, the five weeks ended April 4, 2021, an increase of 17.6 percent from $15.49 billion last year.

For the thirty-one weeks ended April 4, 2021, the Company reported net sales of $111.37 billion, an increase of 15.7 percent from $96.25 billion during the similar period last year.

Comparable sales were as follows:

		5 Weeks		31 Weeks
	U.S.	13.9%		12.6%
	Canada	28.3%		17.0%
	Other International	16.4%		19.4%
	Total Company	16.0%		14.1%
	E-commerce	57.7%		77.0%

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

		5 Weeks		31 Weeks
	U.S.	11.3%		13.7%
	Canada	13.0%		13.5%
	Other International	7.7%		15.7%
	Total Company	11.1%		13.9%
	E-commerce	54.5%		75.9%

This year’s five-week March retail month had one fewer shopping day versus last year, due to the calendar shift of Easter. This negatively 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 3146223). This message will be available through 5:00 p.m. (PT) on Wednesday, April 14, 2021.

Costco currently operates 807 warehouses, including 559 in the United States and Puerto Rico, 104 in Canada, 39 in Mexico, 29 in the United Kingdom, 28 in Japan, 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, 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 away from discretionary or higher-priced products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures due to reduced workforces or 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 March 2021?

Costco reported net sales of $18.21 billion for March 2021, an increase of 17.6% from the previous year.

How did Costco perform in the 31 weeks ending April 4, 2021?

For the 31 weeks ending April 4, 2021, Costco's total sales reached $111.37 billion, reflecting a 15.7% year-over-year growth.

What was the percentage increase in Costco's e-commerce sales in March 2021?

In March 2021, Costco's e-commerce sales surged by 57.7%.

How did comparable sales perform for Costco in March 2021?

Comparable sales increased by 16.0% for the month of March 2021.

What impact did the Easter calendar shift have on Costco's sales?

The calendar shift of Easter resulted in a negative impact of approximately 1.5% to 2% on total and comparable sales.