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

Aug 3, 2022

David Sherwood
VP of Finance and Investor Relations, Costco Wholesale

Hello, and thank you for Costco Wholesale Corporation. I'm David Sherwood, VP of Finance & Investor Relations, and I will review our sales results for the four-week retail month of July, which started on Monday, July 4, and ended on Sunday, July 31. This period is compared to the four weeks that began last year on Monday, July 5, and ended on Sunday, August 1. 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. As reported in our release, net sales for July came in at $16.85 billion, an increase of 10.8% from the $15.21 billion last year. Comparable sales were as follows. On a reported basis the four weeks was an 11.4%. For the 48 weeks, 16.2%. In Canada, the four weeks was 11.7%, 48 weeks, 15.6%. Other international for the four weeks is at 0.7%, 48 weeks, 6.8%. Total company for the four weeks was at 10.0%, 48 weeks, 14.8%.

E-commerce for the 4 weeks is at 10.2%, and for the 48 weeks, 10.6%. Comparable sales, excluding the impacts from changes in gasoline prices and foreign exchange, were as follows. In the U.S., the four weeks is at 5.8%, 48 weeks, 10.6%. Canada, the four weeks is 11.5%, 48 weeks, 12.1%. Other international was at 9.4% for the four weeks and 9.8% for the 48 weeks. Total company for the four weeks was at 7.0%, and the 48 weeks was at 10.7%. E-commerce for the four weeks was 11.5%, and the 48 weeks, 10.8%.

This year's four-week July months had one fewer shopping day in the U.S. versus last year due to the timing of Independence Day. This negatively impacted total company total and comparable sales by approximately 2.5%, and U.S. total and comparable sales by approximately 3.5%. Our comp traffic or frequency for July was up 4.6% worldwide and 1.6% in the U.S., including the negative impact from the holiday shift. Foreign currency year-over-year relative to the U.S. dollar negatively impacted total and comparable sales as follows. In Canada by approximately 3.7%, other international by approximately 12.4%, and total company by approximately 2.2%. Gasoline price inflation positively impacted total reported comp sales by approximately 5.2%.

The average worldwide selling price per gallon was 40% higher versus last year. Worldwide, the average transaction was up 5.1%, 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. U.S. regions with the strongest comparable sales were the Midwest, San Diego, and Southeast. Other international and local currencies, we saw the strongest results in Australia, Spain, and U.K. Inflation for the month was consistent with June. Moving to merchandise highlights, the following comparable sales results by category for the month exclude the negative impact of foreign exchange, yet include the negative impact of the calendar shift. Food and sundries were positive in the low double digits. Cooler sundries and frozen foods were the strongest departments. Fresh foods were up low to mid-single digits. Better-performing departments included bakery and produce.

Non-foods increased low- to mid-single digits. Better-performing departments included toys and seasonal, garden, tires, and sporting goods. Ancillary business sales were up low 30s%. Gas and Food Court were the top performers. Looking ahead, the August sales reporting period began August 1 and ends August 28, compared to the four weeks that began last August 2 and ended August 29, 2021. August sales will be announced Wednesday, August 31 at 1:15 P.M. Pacific Time. If you have any questions regarding our July 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, August 10. Thanks for calling. Have a great day.

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