Costco reports sales up despite harsh retail environment
Costco reported its comparable sales were up last month even as many retailers have struggled.
The Issaquah, Washington-based membership wholesaler reported net sales this week of $14.57 billion for the five-week period ending July 7, up by 7.5 percent from the similar period last year. Comparable sales, excluding changes in gas prices, currency values and an accounting change, were up 5.1 percent over the five weeks and 6.2 percent over 44 weeks.
E-commerce comparable sales increased at a greater rate, 20.8 percent over the five weeks and 23.2 percent over 44 weeks, though FOX Business has previously reported most of Costco’s business still happens in-store.
The company reported net sales of $126.13 billion for the 44 weeks that ended July 7, an 8 percent increase from the year before.
Shares of Costco Wholesale Corp. were up Thursday after the sales results were released.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 971.88 | +10.33 | +1.07% |
Costco is known for its bulk groceries, but it has also become a popular place to buy clothes, reportedly selling more than $7 billion a year in clothing and footwear. It also sells jewelry, and even sold a $400,000 diamond ring at one store, the company said in May.
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Costco said it operates 776 warehouses, including 539 in the U.S. and Puerto Rico, and locations in 10 other countries.