Costco Wholesale Corporation (COST)
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Apr 24, 2026, 2:45 PM EDT - Market open
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Monthly Sales Update March 2022

Apr 6, 2022

David Sherwood
AVP of Finance and Investor Relations, Costco Wholesale Corporation

Hello, and thank you for calling Costco Wholesale Corporation. I'm David Sherwood, AVP of Finance and Investor Relations, and I'll review our sales results for the five-week retail month of March, which started on Monday, February 28, and ended on Sunday, April 3. This period is compared to the five weeks that began last year on Monday, March 1 and ended on Sunday, April 4. This call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual events, results, and/or performance to differ materially from those indicated by such statements. The risks and uncertainties include, but are not limited to, those outlined in today's call and sales release, as well as other risks identified from time to time in the company's public statements and reports filed with the SEC.

Forward-looking statement, statements speak only as of the date they are made, and the company does not undertake to update them except as required by law. As reported in our release, net sales for March came in at $21.61 billion, an increase of 18.7% from $18.21 billion last year. This year's five-week March retail month had one additional shopping day versus last year due to the calendar shift of Easter. It'll occur two weeks later this year. This positively impacted total and comparable sales by approximately 1.5%-2%. Comparable sales were as follows. On a reported basis in the U.S., the five weeks was at 19.1%, 31 weeks, 16.1%. In Canada, the five weeks was at 15.7%, 31 weeks, 16.0%.

Other international, the five weeks is at 8.4%, 31 weeks, 9.1%. Total company, five weeks, 17.2%, 31 weeks, 15.1%. E-commerce, the five weeks was at 8.9%, 31 weeks, 12.5%. Comparable sales, excluding impacts from changes in gasoline prices and foreign exchange, were as follows. In the U.S., the five weeks is at 12.7%, 31 weeks, 11.1%. Canada, five weeks, 12.2%, 31 weeks, 10.5%. Other international, five weeks, 10.1%, 31 weeks, 9.8%. Total company, five weeks, 12.2%, 31 weeks, 10.8%. E-commerce, the five weeks was at 9.2%, 31 weeks, 12.2%.

Our comp traffic or frequency for March was up 8.2% worldwide and 7.0% in the U.S. Foreign currency year-over-year relative to the U.S. dollar negatively impacted total and comparable sales as follows. Canada by approximately 0.6%, other international by approximately 4.7%, and total company by approximately 0.7%. Gasoline price inflation positively impacted total reported comp sales by approximately 5.7%. The average worldwide selling price per gallon was 46% higher this year. Worldwide, the average transaction for January was up 8.3%, which included the benefit from gasoline inflation and the negative impact from FX. In terms of regional and merchandising categories, the general highlights were as follows. The U.S. regions with the strongest comparable sales were the San Diego, Midwest, and Bay Area.

Other international and local currencies, we saw the strongest results in Australia, Mexico, and U.K. Inflation in March was consistent with what we saw in February. Moving to the merchandise highlights, the following comparable sales results by category for the month exclude the impact of foreign exchange. Food and sundries were positive in the low to mid-teens. Candy, frozen food, and sundries were the strongest departments. Fresh foods were up high single digits. Better performing departments included service, deli, and bakery. Non-foods were positive mid-single digits. Better performing departments included toys, tires, automotive, and jewelry. Ancillary business sales were up mid-fifties. Gas, Food Court, Pharmacy, and travel were the top performers. Looking ahead, the April sales reporting period began April 4 and ends May 1, compared to the four weeks that began last April 5 and ended May 2, 2021.

April will have one less shopping day versus last year due to the calendar shift of Easter. April sales will be announced Wednesday, May 4 at 1:15 P.M. Pacific Time. If you have any questions regarding our March sales results or any other investor relations questions, please call Bob Nelson at 425-313-8255, Josh Dahmen at 425-313-8254, or myself, David Sherwood at 425-313-8239. This recording will be available until 5 P.M. Pacific Time, Wednesday, April 13. Thanks for calling. Have a great day.

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