Costco Wholesale Corporation Reports October Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) reported strong financial results for October 2020, with net sales reaching $13.82 billion, a 15.9% increase compared to $11.92 billion last year. Over the nine weeks ending November 1, 2020, net sales were $30.66 billion, reflecting a 16.4% rise from $26.33 billion in the prior year. Comparable sales in the U.S. rose by 13.6% for four weeks and 14.1% for nine weeks. E-commerce sales surged by 91.1% in October. Costco operates 800 warehouses globally, continuing its robust expansion.

Positive

• Net sales for October 2020 reached $13.82 billion, up 15.9% year-over-year.
• Net sales for the nine weeks ending November 1, 2020, increased to $30.66 billion, a 16.4% rise.
• E-commerce sales soared 91.1% in October 2020, highlighting strong online demand.
• Comparable sales increased 13.6% in the U.S. for the four-week period.

Negative

• None.

ISSAQUAH, Wash., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $13.82 billion for the retail month of October, the four weeks ended November 1, 2020, an increase of 15.9 percent from $11.92 billion last year.

For the nine weeks ended November 1, 2020, the Company reported net sales of $30.66 billion, an increase of 16.4 percent from $26.33 billion last year.

Comparable sales were as follows:

		4 Weeks		9 Weeks
	U.S.	13.6%		14.1%
	Canada	13.9%		15.9%
	Other International	19.6%		19.0%
	Total Company	14.4%		15.0%
	E-commerce	91.1%		90.6%

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

		4 Weeks		9 Weeks
	U.S.	16.4%		16.6%
	Canada	15.2%		16.7%
	Other International	19.0%		18.2%
	Total Company	16.5%		16.8%
	E-commerce	91.0%		90.5%

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 5880317). This message will be available through 5:00 p.m. (PT) on Wednesday, November 11, 2020.

Costco currently operates 800 warehouses, including 556 in the United States and Puerto Rico, 102 in Canada, 39 in Mexico, 29 in the United Kingdom, 27 in Japan, 16 in Korea, 13 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 October 2020?

Costco reported net sales of $13.82 billion for October 2020, a 15.9% increase from the previous year.

How did Costco's sales perform over the nine weeks ending November 1, 2020?

For the nine weeks ended November 1, 2020, Costco's net sales were $30.66 billion, up 16.4% year-over-year.

What was the growth rate of Costco's e-commerce sales in October 2020?

E-commerce sales for Costco increased by 91.1% in October 2020.

What were the comparable sales for Costco in the U.S. for the four-week period?

Comparable sales in the U.S. increased by 13.6% for the four weeks ended November 1, 2020.