Costco’s sales growth continued to weaken over the Christmas period, up against tough comparatives with bumper figures during the pandemic.
During the five weeks to 1 January 2023, the warehouse club retailer’s net sales still increased a healthy 7.0% to $23.8bn. However, this was down from the 7.6% growth seen in the first 18 weeks of its financial year.
Excluding the impacts of changes in petrol prices and foreign exchange, comparable sales in its 583 outlets in the US rose 6.4%. The 107 stores in Canada saw a 10.9% rise, whilst its 157 overseas warehouses (including 29 in the UK) saw sales increase by 9.1%.
However, the group’s e-commerce unit recorded a 5.4% decline as consumers reined in their spending amid the cost of living crisis.
NAM Implications:
- Still enviable sales increases, especially overseas.
- Worth checking for your fair share…
