Costco blows it away in November with double-digit comp growth
Costco Wholesale Corp. easily topped expectations in November, reporting its 14th straight month of sales growth.
Costco “turned in a month for the ages in the current retail environment,” Ken Perkins, analyst at Retail Metrics, told MarketWatch.
Net sales surged 13.2% to $11.26 billion in November, up from $9.95 billion in the year-ago period. Online sales rose 39%, and were up 44% in the 12-week period through Nov. 26, helped by an expanded assortment and faster delivery times.
Costco’s total same-store sales rose 10.8%, its biggest monthly gain since September 2011. Excluding the impacts from changes in gasoline prices and foreign exchange, U.S. same-store sales rose 8.4%. 6.3% in Canada and 7.2% internationally.
Customer traffic at Costco’s U.S. locations was up 5.9% in November. The retailer saw growth across hardline and soft line categories, as well as food and sundries.
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