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Retail

Costco Reports 7.5% Growth In Net Sales In May

Wholesaler Costco has reported a 7.5% year-on-year growth in net sales, amounting to $12.55 billion (€11.11 billion) in the four weeks ended 31 May.

The company’s overall comparable sales increased by 5.4%, with markets outside the US and Canada accounting for 12% growth in sales.

In the US, comparable sales grew by 5.5%, while Canada saw a 0.9% decline in this period.

The company’s e-commerce division saw comparable sales increase by 106.2% in May.

Sales Performance

The wholesaler posted net sales of $120.19 billion (€106.42 billion), up 7.7% year-on-year, for the 39 weeks to 31 May.

In this period, comparable sales in the online division increased by 37.5%.

The US saw the highest growth in comparable sales, of 6.7%, followed by international markets, which were up 6.3%.

Comparable sales in Canada increased by 2.9% during this period.

Last week, the company reported a 7.5% fall in quarterly profit due to the COVID-19 pandemic.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

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