Costco Wholesale (COST) Monthly Sales Update October 2024 summary

Financial performance highlights

• Net sales for October reached $20.03 billion, up 7.2% from last year.

• Comparable sales rose 5.1% company-wide, with U.S. at 4.1%, Canada at 8.0%, and Other International at 7.1%.

• E-commerce comparable sales surged 19.3%.

• Gas price deflation and foreign exchange negatively impacted reported sales, with gas prices down 10.5% year-over-year.

• October results were affected by a sales pull forward due to hurricanes and port strikes in September, reducing U.S. sales by over 1% and global sales by slightly less than 1%.

Regional and category performance

• Midwest, Northeast, and Texas led U.S. regional comparable sales.

• Mexico, Taiwan, and the U.K. showed strongest international results in local currencies.

• Food and Sundries grew mid-single digits, with cooler, deli, and candy outperforming.

• Fresh Foods and Non-Foods both posted low double-digit gains, led by meat, produce, jewelry, gift cards, and home furnishings.

• Ancillary business sales declined, while pharmacy, food court, and optical performed best; gasoline sales dropped due to price deflation.

Operational and reporting updates

• Comparable sales excluding gas and FX impacts were higher: U.S. at 5.8%, Canada at 8.7%, Other International at 8.4%, and total company at 6.5%.

• Comp traffic increased 4.7% worldwide and 3.9% in the U.S.

• Net sales for the first nine weeks totaled $44.65 billion, an 8.0% increase year-over-year.

• Costco operates 892 warehouses globally, with 615 in the U.S. and Puerto Rico and 108 in Canada.

• E-commerce platforms are active in eight countries, including the U.S., Canada, and the U.K.