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Costco Sees Net Sales Decline In April Due To COVID-19 Restrictions

Published on May 8 2020 8:19 AM in Retail tagged: Trending Posts / Costco / wholesale / COVID-19

Costco Sees Net Sales Decline In April Due To COVID-19 Restrictions

Wholesaler Costco has reported a 1.8% year-on-year decline in net sales to $11.39 billion in the four weeks ended 3 May 2020.

The company attributed this decline to reduced store traffic and sales due to stay-at-home orders, social distancing restrictions, and few mandatory closures in wake of the COVID-19 pandemic.

The company’s overall comparable sales declined by 4.7% during this period with Canada reporting an 11.7% fall.

In the US comparable sales fell 3.3%, while other international markets saw a 4.6% decline.

However, the company's e-commerce division reported an 85.7% jump in comparable sales in the four week period.

35-Week Performance

Costco’s net sales for the 35 weeks ended 3 May grew by 7.8% to $107.64 billion from $99.89 billion in the same period last year.

The overall comparable sales for the period increased by 6.1%, while e-commerce saw a 29.4% growth.

In the US and Canada, comparable sales grew 6.7% and 3.4% respectively, while other international markets saw a 5.7% growth.

Earlier this week, the company decided to limit the number of beef, pork, and poultry products sold to customers due to coronavirus-induced supply disruptions.

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

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