Costco Reports November 2022 Sales

Costco reported November sales that were below expectations. Sales increased 5.7 percent to $19.17 billion from $18.13 billion a year ago. For the 12 weeks ended November 20^th 2022 net sales were $53.44 billion, an increase of 8.1 percent from $49.42 billion last year. For the 13 weeks ended November 27, 2022 the company reported $58.36 billion, an increase of 7.9 percent over last year’s $54.10 billion.

In both years the Thanksgiving holiday fell in the company’s December selling period. Last minute shopping was in the three days preceding the family holiday.

At the end of the 2022 period the company operated 845 stores, 21 stores more than the previous year. Here is the rundown. United States and Puerto Rico 582 vs 571 last year. Canada 107 TY vs 105 LY. 40 in Mexico, Japan 31 TY vs 30 LY., United Kingdom 29 TY vs 25 LY, Korea 18 TY vs 15 LY., 14 in Taiwan, 13 in Australia, Spain four TY vs 3 LY., France 2 TY vs 1 LY, two in China, and one in Iceland, none in New Zealand and Sweden vs l each last year.

Comparable sales were as follows for November 2022:

4 weeks 12 Weeks 13 weeks

U.S. 6.0% 9.3% 8.8%

Canada 1.0% 2.4% 2.5%

Other International -1.0% -3.1% -2.7%

Total Company 4.3% 6.6% 6.4%

e-commerce -10.1% -3.7% -4.4%

POSTSCRIPT: Prices rose sharply since last year’s tally was taken. One can see real customer resistance to the high turkey prices and other food items. The recently introduced credit card also gives customers a discount on every purchase. Nonetheless, Costco continues to be a leader in the Wholesale business.

On or about December 9^th, 2022 the company will report operating results.