Costco Wholesale Corp. posted comparable gains for November and its first quarter, helped by positive non-food comps but impacted on the e-commerce side by a later Thanksgiving weekend.
For the quarter ended November 24, comp sales, excluding the effect of fuel sales and foreign exchange volatility, were up 7.1% overall as comps in the United States gained 7.2%, Canada comps gained 6.7% and other international comps gained 7.1%. E-commerce comps gained 13.2% in the period.
Net sales for the quarter advanced 7.5% to $60.99 billion, the company reported.
For the retail month of November ended December 1, overall Costco comps, excluding fuel and foreign exchange impacts, were up 4.9%, as comps in the U.S. gained 4.3%, Canada comps gained 5.7% and other international comps gained 7.3%. E-commerce comps slipped 2.5%.
Net sales for the month advanced 5.6% to $21.87 billion, the company stated.
Costco reported E-commerce sales in November took a hit of an estimated 15 percentage points hit because of Thanksgiving weekend occurring a week later this year than it did in 2023. The November e-commerce softness resulted in a 1.5 percentage point negative impact on total and comparable sales for the month, according to the company. Cyber Monday occurred on December 2.
In a conference call, the company noted November comp traffic gained 2.2% in the U.S.
Strongest U.S. regions were the Midwest, Southeast and Northeast. By merchandise category, Costco reported, Non-foods comps were positive mid single digits, with the strongest segments being jewelry, gift cards and home furnishings. Food and Sundries were up mid single digits, while Fresh Foods were up high single digits.
