Costco Wholesale Corporation Reports April Sales Results
May 06 2020 - 4:15PM
Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq:
COST) today reported net sales of $11.39 billion for the retail
month of April, the four weeks ended May 3, 2020, a decrease of 1.8
percent from $11.60 billion last year.
For the thirty-five weeks ended May 3, 2020, the
Company reported net sales of $107.64 billion, an increase of 7.8
percent from $99.89 billion during the similar period last
year.
Comparable sales were as follows:
|
|
|
|
|
4 Weeks |
|
35 Weeks |
|
|
|
|
U.S. |
-3.3% |
|
6.7% |
Canada |
-11.7% |
|
3.4% |
Other International |
-4.6% |
|
5.7% |
|
|
|
|
Total Company |
-4.7% |
|
6.1% |
|
|
|
|
E-commerce |
85.7% |
|
29.4% |
|
|
|
|
Comparable sales excluding the impacts from change in gasoline
prices and foreign exchange were as follows:
|
|
|
|
|
4 Weeks |
|
35 Weeks |
|
|
|
|
U.S. |
0.0% |
|
7.1% |
Canada |
-5.0% |
|
5.1% |
Other International |
2.0% |
|
7.7% |
|
|
|
|
Total Company |
-0.5% |
|
6.9% |
|
|
|
|
E-commerce |
87.7% |
|
29.9% |
|
|
|
|
April sales were negatively impacted by
COVID-19. Stay-at-home orders, social distancing restrictions
and some mandatory closures led to decreased traffic and sales in
our warehouses. Limited service in Travel and our Food
Courts; closures of most of our Optical, Hearing Aid and Photo
departments, and lower volume and price deflation in our gasoline
business negatively impacted our April sales by an estimated 12
percentage points, of which approximately 70% related to
gasoline.
Comparable sales excluding Gasoline, Optical,
Travel, Food Court, Hearing Aids, Photo, and foreign exchange were
as follows:
|
|
|
4 Weeks |
|
|
U.S. |
11.2% |
Canada |
1.5% |
Other International |
4.3% |
|
|
Total Company |
8.6% |
|
|
Additional discussion of these results is
available in a pre-recorded telephone message. It can be accessed
by dialing 1-855-859-2056 (conference ID 5487415). This message
will be available through 5:00 p.m. (PT) on Wednesday, May 13,
2020.
Costco currently operates 787 warehouses,
including 547 in the United States and Puerto Rico, 100 in Canada,
39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea,
13 in Taiwan, 12 in Australia, two in Spain, and one each in
Iceland, France, and China. Costco also operates e-commerce sites
in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan,
Japan, and Australia.
Certain statements contained in this document
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. For these
purposes, forward-looking statements are statements that address
activities, events, conditions or developments that the Company
expects or anticipates may occur in the future. In some cases
forward-looking statements can be identified because they contain
words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “seek,” “should,” “target,”
“will,” “would,” or similar expressions and the negatives of those
terms. Such forward-looking statements involve risks and
uncertainties that may cause actual events, results or performance
to differ materially from those indicated by such statements. These
risks and uncertainties include, but are not limited to, domestic
and international economic conditions, including exchange rates,
the effects of competition and regulation, uncertainties in the
financial markets, consumer and small business spending patterns
and debt levels, breaches of security or privacy of member or
business information, conditions affecting the acquisition,
development, ownership or use of real estate, capital spending,
actions of vendors, rising costs associated with employees
(generally including health care costs), energy and certain
commodities, geopolitical conditions (including tariffs), the
ability to maintain effective internal control over financial
reporting, COVID-19 related factors and challenges, including among
others, the duration of the pandemic, the unknown long-term
economic impact, reduced customers shopping due to illness, travel
restrictions or financial hardship, shifts in demand away from
discretionary or higher priced products to lower priced products,
reduced workforce due to illness, quarantine, or government
mandates, temporary store closures due to reduced workforces or
government mandates, or supply chain disruptions, and other risks
identified from time to time in the Company’s public statements and
reports filed with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made,
and the Company does not undertake to update these statements,
except as required by law.
CONTACTS: |
|
Costco Wholesale Corporation |
|
|
Richard Galanti, 425/313-8203 |
|
|
Bob Nelson, 425/313-8255 |
|
|
David Sherwood, 425/313-8239 |
|
|
Josh Dahmen, 425/313-8254 |
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