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Costco posts August sales growth as digital orders accelerate
For the four weeks ending Aug. 30, Costco reported August net sales of $23.7 billion, up 10% year over year, and said digitally enabled sales rose 17.9%.
Costco Wholesale Corp. reported another month of double-digit sales growth in August, covering the four weeks from Aug. 3 through Aug. 30, with strength spanning regions and product categories, according to Yahoo Finance.
The retailer said August net sales were $23.70 billion, up 10% from $21.56 billion in the same period last year. By region, the U.S. led with a 9.0% increase, other international markets rose 9.5%, and Canada gained 4.0%.
Gas prices were a factor in the headline figure, but Costco also pointed to underlying demand as digitally enabled sales jumped 17.9%. After stripping out gas price swings and currency effects, total comparable sales cooled to 5.4%, while worldwide shopper traffic rose 2.5% and U.S. traffic climbed 2.3%.
Looking at recent momentum, Costco has cited continued comparable sales gains through multiple quarters even as shoppers contend with tariffs, inflation, and higher gas prices. In the most recent quarterly earnings call referenced by Yahoo Finance, CFO Gary Millerchip said third-quarter net sales rose 11.6% year over year to $69.15 billion, and comparable sales increased 9.8%, or 6.6% excluding gas price swings and currency effects, as executives attributed results to executive membership growth, faster digital sales, and pricing actions.