Costco Wholesale Corporation (COST)
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Apr 24, 2026, 2:45 PM EDT - Market open
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Monthly Sales Update June 2024

Jul 10, 2024

Josh Dahmen
AVP of Finance and Investor Relations, Costco Wholesale Corporation

Hello. I'm Josh Dahmen, AVP of Finance and Investor Relations, and I will review our sales results for the five-week retail month of June, which started on Monday, June 3rd, and ended on Sunday, July 7th. This period is compared to the five weeks that began last year on Monday, June 5th, and ended on Sunday, July 9th. 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 statements speak only as of the date they are made, and the company does not undertake to update them except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP. As reported in our release, net sales for the month came in at $24.48 billion, an increase of 7.4% from $22.78 billion last year. Reported comparable sales for the month were as follows: in the U.S., 5.6%; Canada, 5.2%; other international, 4.3%; total company, 5.3%; e-com, 18.4%. Comparable sales for the month excluding the impacts from changes in gasoline prices and foreign exchange were as follows: in the U.S., 6.3%; Canada, 8.4%; other international, 8.7%; total company, 6.9%; and e-com, 19.1%.

Our comp traffic or frequency for the month was of 6.6% worldwide and 5.9% in the U.S. Foreign currencies year-over-year relative to the U.S. dollar negatively impacted total and comparable sales as follows: Canada by approximately 3.3%, other international by approximately 4.9%, and total company by approximately 1.1%. Gas price deflation negatively impacted total reported comp sales by approximately 0.5%. The average worldwide selling price per gallon was down approximately 3.3% versus last year. Worldwide, the average transaction was down about 1.2%, which includes the impacts from gas deflation and FX. In terms of regional and merchandising categories, the general highlights were as follows: U.S. regions with the strongest comparable sales were the Northeast, Texas, and the Southeast. Other international and local currencies, we saw the strongest results in Mexico, Australia, and Korea.

Moving to merchandise highlights, the following comparable sales results by category for the month exclude the impact of foreign exchange. Food and sundries were positive mid-single digits. Cooler, sundries, and frozen were the strongest departments. Fresh foods were up mid- to high-single digits. Better-performing departments included meat and produce. Non-foods were positive low double digits. Better-performing departments included jewelry, gift cards, and toys and seasonal. Ancillary business sales were up low single digits. Pharmacy, food court, and optical were the top performers. As reported in our release effective September 1st, 2024, our annual membership fees will increase in the U.S. and Canada. Gold Star, Business, and Business Add-On memberships will increase by $5 - $65, and Executive memberships will increase by $10 - $130. Additionally, the maximum annual 2% reward will increase from $1,000 - $1,250.

The fee increases will impact about 52 million paid memberships, a little over half of which are Executive. As a reminder, we last raised our membership fees in the U.S. and Canada in June 2017. As with prior increases, due to membership fees being accounted for on a deferred basis and the memberships renewing annually, the P&L benefit of the fee increase will flow into the P&L over two years spanning FY 2025 and FY 2026. Looking ahead, the July reporting period will include four weeks beginning July 8th and ending August 4th, compared to the four weeks beginning July 10th and ending August 6th, 2023.

July sales will be announced Wednesday, August 7th at 1:15 P.M. Pacific Time. If you have any investor relations questions, please call David Sherwood at 425-313-8239 or give me a call at 425-313-8254. This recording will be available until 4:00 P.M. Pacific Time, Wednesday, July 17th.

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