Costco Wholesale Corporation Reports November Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) reported net sales of $19.17 billion for November 2022, up 5.7% from last year. For Q1 2022, net sales reached $53.44 billion, an increase of 8.1%. Total net sales for the thirteen weeks ending November 27, 2022, were $58.36 billion, up 7.9%. Notably, U.S. comparable sales rose by 6.0% over four weeks, while Canada saw a 1.0% growth. However, e-commerce sales declined by 10.1% in the last four weeks, reflecting challenges in that segment.

Positive

• November 2022 net sales increased by 5.7% year-over-year.
• Q1 2022 net sales grew by 8.1% compared to the previous year.
• Total net sales for the 13 weeks ending November 27, 2022, increased by 7.9%.
• U.S. comparable sales rose 6.0% over the last four weeks.
• Canadian sales grew by 1.0% during the same period.

Negative

• E-commerce sales declined by 10.1% in the last four weeks.
• Comparable sales decreased by 1.0% in Other International markets over the last four weeks.

ISSAQUAH, Wash., Nov. 30, 2022 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $19.17 billion for the retail month of November, the four weeks ended November 27, 2022, an increase of 5.7 percent from $18.13 billion last year.

For the twelve-week first quarter ended November 20, 2022, the Company reported net sales of $53.44 billion, an increase of 8.1 percent from $49.42 billion last year.

For the thirteen weeks ended November 27, 2022, the Company reported net sales of $58.36 billion, an increase of 7.9 percent from $54.10 billion last year.

Comparable sales were as follows:

	4 Weeks			12 Weeks			13 Weeks
U.S.	6.0	%		9.3	%		8.8	%
Canada	1.0	%		2.4	%		2.5	%
Other International	-1.0	%		-3.1	%		-2.7	%
Total Company	4.3	%		6.6	%		6.4	%
E-commerce	-10.1	%		-3.7	%		-4.4	%

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

	4 Weeks			12 Weeks			13 Weeks
U.S.	4.6	%		6.5	%		6.3	%
Canada	6.6	%		8.3	%		8.4	%
Other International	8.3	%		9.1	%		9.1	%
Total Company	5.3	%		7.1	%		6.9	%
E-commerce	-8.9	%		-2.0	%		-2.8	%

Additional discussion of these results is available in a pre-recorded telephone message. It can be accessed by dialing 1-833-927-0471. This message will be available through 5:00 p.m. (PT) on Wednesday, December 7, 2022.

Costco currently operates 845 warehouses, including 582 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, 13 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 Bob Nelson, 425/313-8255 David Sherwood, 425/313-8239 Josh Dahmen, 425/313-8254

COST-Sales

FAQ

What were Costco's net sales for November 2022?

Costco's net sales for November 2022 were $19.17 billion, reflecting a 5.7% increase from the prior year.

How did Costco perform in the first quarter of 2022?

In the first quarter of 2022, Costco reported net sales of $53.44 billion, up 8.1% from $49.42 billion last year.

What were Costco's total net sales for the 13 weeks ending November 27, 2022?

The total net sales for Costco for the 13 weeks ending November 27, 2022, were $58.36 billion, an increase of 7.9%.

How did U.S. comparable sales perform in November 2022?

U.S. comparable sales for Costco increased by 6.0% in the four weeks ending November 27, 2022.

What was the trend in Costco's e-commerce sales for November 2022?

Costco's e-commerce sales declined by 10.1% in the last four weeks of November 2022.