Costco Wholesale (COST) Monthly Sales Update September 2024 summary

Sales performance overview

• Net sales for September reached $24.62 billion, up 9.0% from last year, with a boost from abnormal consumer activity due to Hurricane Helene and port strikes.

• Comparable sales rose 6.7% company-wide, with U.S. at 6.5%, Canada at 5.7%, other international at 8.5%, and e-commerce at 22.9%.

• Excluding gasoline and FX impacts, comparable sales increased 8.9% overall, with U.S. at 9.3% and e-commerce unchanged at 22.9%.

• Comp traffic grew 7.2% worldwide and 7.6% in the U.S.

Impact of external factors

• Gas price deflation reduced reported comp sales by about 2.2%, with average selling price per gallon down 16%.

• Foreign currency changes had a minor impact: Canada saw a 0.3% positive effect, other international a 0.1% negative, and total company was flat.

• Average worldwide transaction value declined 0.5%, reflecting gas and FX impacts.

• Sales benefited by about 2% in the U.S. and 1.5% worldwide from increased activity due to Hurricane Helene and port strikes in the final week.

Regional and category highlights

• Strongest U.S. regions were Northeast, Southeast, and Texas; internationally, Mexico, Taiwan, and Korea led.

• Food and sundries grew high single digits, with cooler, sundries, and frozen leading.

• Fresh foods rose low double digits, especially produce and meat.

• Non-foods increased low teens, led by jewelry, gift cards, and home furnishings.

• Ancillary business sales declined mid-single digits, but pharmacy, food court, and optical performed well.