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Retail

Costco Sees May Sales Increase 16.9%

U.S. warehouse retail chain Costco has reported net sales of $18.23 billion (€17.05 billion) for the retail month of May, the four weeks ended May 29, 2022.

This is an increase of 16.9% on the $15.59 billion (€14.58 billion) it reported for the same period last year.

For the 39 weeks ended May 29, the retailer reported net sales of $165.56 billion (€154.8 billion), an increase of 16.5% on the same period last year ( $142.17 billion).

Costco May Results

Compared to the same period last year, Costco reported an increase in sales of 17.5% in the U.S., 17.4% in Canada, 2.6% in its international markets, and 6.3% in its e-commerce operations.

Looking at the same 39-week period until the end of May, the retailer reported an increase in sales of 16% in the U.S., 16.2% in Canada, 7.8% in its international stores, and 11.1% in e-commerce.

Last month, the group reported a fall in gross margins, hit by soaring freight and labour costs across the United States.

"We're not seeing trade down really. We're seeing a little bit of shift in where people are spending their money – this year, it's more sales in tickets, restaurants, travel, tires and gas," Robert Nelson, senior vice president of finance and investor relations, said at the time.

Costco Network

Costco currently operates 830 warehouses, including 574 in the United States and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland.

Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.

© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: European Supermarket Magazine.

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