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Retail

Costco Reports 10% Sales Increase In October

US retailer Costco Wholesale Corporation has reported net sales of $10.02 billion for the month of October, representing an increase of 10.1% compared to the same period in 2016.

The company saw sales growth across all of its markets, including the US (+7%), Canada (+9%), and its international business (8.2%).

Additionally, e-commerce sales were up by 31% in comparison to October 2016.

For the first eight weeks of the retailer's fiscal year 2018, ending 29 October 2017, Costco reported a 11.3% revenue increase, with net sales reaching $19.87 billion.

2017 Results

Last month, Costco posted its results for the full financial year 2017. Comparable sales increased 4.1% to $126.17 billion, boosted by strong sales in the company's fourth quarter.

However, despite this sales growth, the retailer's shares fell by the highest amount in over three months, amid concerns over membership renewals and an increasingly competitive market.

Costco ended its 2017 fiscal year with 741 warehouses in operation, including 514 in the United States and Puerto Rico, 97 in Canada, 37 in Mexico, 28 in the United Kingdom, 26 in Japan, 13 in Korea, 13 in Taiwan, nine in Australia, two in Spain, one in France and one in Iceland.

© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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