Costco Posts Double Digit September Comp Gains

With consumers continuing to favor the company in a market influenced by the COVID-19 pandemic, Costco posted a 16.9% net sales increase for the five-week fiscal month of September ended October 5 to $16.84 billion.

With the effects of fuel price and foreign exchange rate volatility, Costco comparable sales gained 16.9% in the month with the U.S. up 16.7%, Canada up 18% and international up 17.5%. E-commerce comps increased 90.1%.

In a conference call, Costco noted that both comp traffic and, particularly, market basket gained. Holiday shifts in the U.S., as to Labor Day, and Asia boosted September sales. Regions in the United States that had the strongest results were the Southeast, the Northeast and Texas.

As for departments, softlines comps advanced in the high teens on a percentage basis with small appliances, home furnishings and housewares leading. Hardlines comps increased in the mid-20s with major appliances including electronics, sporting goods, garden and hardware strong. Food and sundries comps gained in the low 20s and those for fresh food in the mid 20s.