Costco Wholesale Corporation Reports October Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) reported a net sales increase of 7.7% to $17.73 billion for October 2022, compared to $16.47 billion in October 2021. Year-to-date sales for the nine weeks ending October 30, 2022, rose 9.0% to $39.19 billion from $35.97 billion last year. Comparable sales for U.S. operations increased by 9.2% for four weeks and 10.3% for nine weeks. However, 'Other International' sales fell by 5.4% for four weeks and 3.5% for nine weeks. Overall, e-commerce sales experienced a slight decline of 0.7% in the same month.

Positive

• Net sales increased by 7.7% to $17.73 billion for October 2022.
• Year-to-date sales rose by 9.0% to $39.19 billion.
• U.S. comparable sales grew by 9.2% for the month.
• Total company comparable sales increased by 6.0% for four weeks.

Negative

• Sales in 'Other International' markets declined by 5.4% in October.
• E-commerce sales showed a decrease of 0.7% in October.

ISSAQUAH, Wash., Nov. 02, 2022 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $17.73 billion for the retail month of October, the four weeks ended October 30, 2022, an increase of 7.7 percent from $16.47 billion last year.

For the nine weeks ended October 30, 2022, the Company reported net sales of $39.19 billion, an increase of 9.0 percent from $35.97 billion last year.

Comparable sales were as follows:

	4 Weeks		9 Weeks
U.S.	9.2%		10.3%
Canada	0.5%		3.3%
Other International	-5.4%		-3.5%
Total Company	6.0%		7.4%
E-commerce	-0.7%		0.3%

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

	4 Weeks		9 Weeks
U.S.	6.1%		7.1%
Canada	8.8%		9.2%
Other International	7.9%		9.5%
Total Company	6.7%		7.7%
E-commerce	1.6%		2.2%

Additional discussion of these results is available in a pre-recorded telephone message. It can be accessed by dialing 1-800-988-1083. This message will be available through 5:00 p.m. (PT) on Wednesday, November 9, 2022.

Costco currently operates 842 warehouses, including 579 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 October 2022?

Costco reported net sales of $17.73 billion for October 2022, a 7.7% increase from the previous year.

How much did Costco's year-to-date sales increase by?

Year-to-date sales for Costco increased by 9.0% to $39.19 billion for the nine weeks ending October 30, 2022.

What was the comparable sales growth for U.S. stores in October 2022?

Comparable sales for U.S. stores grew by 9.2% for the four weeks ending October 30, 2022.

Did Costco experience any declines in sales?

Yes, Costco reported a decline of 5.4% in 'Other International' sales for October 2022.

How did e-commerce sales perform for Costco in October 2022?

E-commerce sales for Costco decreased by 0.7% in October 2022.