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Retail

Costco Sees Net Sales Growth Of 17.6% In March

Wholesaler Costco has reported net sales of $18.21 billion in the five weeks ended 4 April 2021 registering an increase of 17.6% from $15.49 billion compared with last year.

In the thirty-one weeks ended 4 April 2021, the group reported net sales of $111.37 billion, up 15.7% from $96.25 billion during the same period last year.

Costco added that this year’s five-week retail month of March had one fewer shopping day versus last year, due to the calendar shift of Easter. This negatively impacted total and comparable sales generated by the company by approximately one and one-half to two percent.

Divisional Performance

Comparable sales in its US business increased 13.9% in March, while Canada and other international markets registered growth of 28.3% and 16.4%, respectively.

The e-commerce division recorded a 57.7% growth in March and 77.0% increase in the 31-weeks to 4 April.

The US business saw comparable sales grow 12.6% in the 31-weeks to 4 April, followed by Canada at 17.0% and other international markets at 19.4%.

Minimum Wage

In February, the wholesaler announced plans to raise the minimum wage in stores to $16 an hour for its employees. 

Issaquah, Washington-based Costco, which has over 180,000 employees in the US, has seen sales boom during the COVID-19 pandemic as consumers stocked up their pantries.

Costco currently operates 807 warehouses, including 559 in the United States and Puerto Rico, 104 in Canada, 39 in Mexico, 29 in the United Kingdom, 28 in Japan, 16 in Korea, 14 in Taiwan, 12 in Australia, three in Spain, and one each in Iceland, France, and China. 

It also operates e-commerce sites in the US, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.

© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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