Costco Q1 Sales Grow On Double-Digit Comps

For the 12-week first quarter ended November 29, Costco reported double-digit comparable sales gains prior to its earnings release on December 10, with e-commerce advancing rapidly.

Comparable sales, without foreign currency and fuel price effects, were up 17.1% for the company from the previous-year period with results from the United States up 17%, those from Canada up 16.8% and those from other international operations up 17.7%. E-commerce comps gained 86.2% in the quarter.

Costco posted net sales of $42.35 billion for the quarter, up 16.9% from the period a year prior.

For November, Costco posted net sales of $15.67 billion, up 15.1% from the year-earlier month. Company comps, without foreign exchange and fuel, were up 14.6% from the month a year before with the U.S. up 14.2%, Canada up 15.8% and other international up 16% versus the month in 2019. E-commerce was up 70.9% in the month year over year.

In regional terms, the Southeast, the Northeast and Texas had the strongest results, Costco reported in a conference call. As for merchandising categories, softlines comp sales gained in the mid teens on a percentage basis with home furnishings, jewelry and small appliances particularly strong. Hardlines comps advanced in the mid teens with sporting goods, office supplies and hardware leading. Food and sundries comps increased in the low twenties and those for fresh food in the mid twenties.