Costco Wholesale Corporation Reports September Sales Results

Rhea-AI Summary

Costco Wholesale Corporation (COST) reported net sales of $16.84 billion for September, marking a 16.9% increase from $14.41 billion the previous year. U.S. comparable sales rose 14.5%, with Canada at 17.5% and other international sales at 18.5%. E-commerce sales surged by 90.3%. The sales boost was aided by holiday shifts such as Labor Day and Chuseok, contributing nearly 100 bps globally. As of now, Costco operates 796 warehouses worldwide.

Positive

• Net sales increased by 16.9% year-over-year, reaching $16.84 billion.
• E-commerce sales grew impressively by 90.3%.
• Sales growth was supported by holiday shifts, specifically Labor Day and Chuseok.

Negative

• None.

ISSAQUAH, Wash., Oct. 07, 2020 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $16.84 billion for the retail month of September, the five weeks ended October 5, 2020, an increase of 16.9 percent from $14.41 billion last year.

Comparable sales were as follows:

		5 Weeks
		Retail Month
	U.S.	14.5%
	Canada	17.5%
	Other International	18.5%
	Total Company	15.5%
	E-commerce	90.3%

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

		5 Weeks
		Retail Month
	U.S.	16.7%
	Canada	18.0%
	Other International	17.5%
	Total Company	16.9%
	E-commerce	90.1%

September sales were positively impacted by two holiday shifts, Labor Day in the U.S. and Chuseok/Moon Festival in Asia. The estimated positive impact on September sales was slightly less than 100 bps worldwide, half relating to each holiday.

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 6559809). This message will be available through 5:00 p.m. (PT) on Wednesday, October 14, 2020.

Costco currently operates 796 warehouses, including 552 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 workforce due to illness, quarantine, or government mandates, temporary store closures due to reduced workforces or government mandates, or supply-chain disruptions, 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 sales figures for September 2020?

Costco reported net sales of $16.84 billion for September 2020, a 16.9% increase from the previous year.

How did U.S. sales perform in September 2020?

U.S. comparable sales rose by 14.5% during September 2020.

What was the contribution of e-commerce to Costco's sales?

E-commerce sales surged by 90.3% in September 2020.

How many warehouses does Costco operate?

Costco currently operates 796 warehouses globally.