Costco Wholesale Corporation (Nasdaq: COST) has announced strong financial performance for the month of November, reporting net sales of $21.87 billion for the four-week period ending December 1, 2024. This represents a 5.6% year-over-year increase from the $20.71 billion recorded in the same period last year. The retail giant also saw impressive growth over a longer period, with net sales for the 12-week first quarter ending November 24, 2024, reaching $60.99 billion—up by 7.5% from $56.72 billion in the prior year.
For the first 13 weeks of the fiscal year, net sales totaled $66.52 billion, marking a 7.2% increase from the $62.04 billion reported in the same period last year. These results reflect Costco’s consistent ability to perform well in a competitive retail environment.
The company also reported solid comparable sales growth across its retail operations. For the 4-week period in November, U.S. comparable sales rose by 3.4%, while sales in Canada increased by 3.7%. Other international markets experienced a more modest 1.3% increase. On a year-to-date (YTD) basis, U.S. comparable sales were up 4.7%, while Canada saw a 5.7% increase, and other international markets grew by 5.7%.
One noteworthy aspect of Costco’s performance was the impact of e-commerce sales. The company experienced a slight dip in online sales for November, with a 3.1% decrease in comparable e-commerce sales. However, e-commerce growth over the first quarter of the year was still strong, with a 13.0% increase in the 12-week period, and a 10.1% rise in sales for the 13-week period.
The company also disclosed that e-commerce sales for the month of November were negatively impacted by the timing of key shopping events. With Thanksgiving, Black Friday, and Cyber Monday taking place a week later than in 2023, e-commerce sales were estimated to be impacted by a significant 15 percentage points. As a result, total and comparable sales were reduced by about one and a half percent due to this timing shift.
Looking beyond the strong sales numbers, Costco continues to expand its global footprint. The company now operates 897 warehouses across various regions, including 617 locations in the U.S. and Puerto Rico, 109 in Canada, 41 in Mexico, 36 in Japan, 29 in the U.K., and others in countries such as South Korea, Taiwan, Spain, China, France, Iceland, New Zealand, and Sweden. Additionally, Costco operates online retail platforms in several international markets, including the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, and Australia.
Costco’s continued growth reflects its ability to meet consumer demand, whether through physical stores or e-commerce. The company remains a leading player in the global retail space, known for its membership-based business model and its commitment to providing value to customers.
The company has also made it clear that it is focused on strategic growth and adapting to shifting consumer trends. Despite the challenges presented by global economic factors, including inflation, exchange rate fluctuations, and competitive pressures, Costco remains committed to maintaining strong operational performance and ensuring that customers have access to high-quality products at affordable prices.
As part of its investor relations efforts, Costco provides regular updates, including pre-recorded messages discussing financial results. These updates are available on the company’s investor relations website for those seeking more detailed insights into its performance and future outlook.
Looking ahead, Costco is poised to continue delivering strong results as it leverages its global presence, efficient supply chain, and commitment to customer satisfaction. With the remainder of the holiday season in focus, Costco is well-positioned to further build on its solid performance, keeping both shareholders and customers happy during this key shopping period.
Important Disclaimer: The financial data provided here includes forward-looking statements that involve risks and uncertainties. These projections are based on factors such as economic conditions, consumer behavior, regulatory changes, and global market dynamics, which could cause actual results to differ from the projections shared by the company. Forward-looking statements are inherently uncertain and should be taken in context with potential risks outlined in Costco’s official filings and investor communications.
