Costco Wholesale Corporation (COST)
NASDAQ: COST · Real-Time Price · USD
1,007.02
-7.36 (-0.73%)
Apr 24, 2026, 2:45 PM EDT - Market open
← View all transcripts

Monthly Sales Update October 2024

Nov 6, 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 four-week retail month of October, which started on Monday, October 7th, and ended on Sunday, November 3rd. This period is compared to the four weeks that began last year on Monday, October 9th, and ended on Sunday, November 5th. 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 $20.03 billion, an increase of 7.2% from $18.68 billion last year. October results were negatively affected by a pull forward in sales from the abnormal consumer activity associated with the hurricanes and port strikes in September. The estimated impact on October's total and comparable sales was a little more than 1% in the U.S. and slightly less than 1% worldwide.

Reported comparable sales for the month were as follows: in the U.S., 4.1%; Canada, 8.0%; Other International, 7.1%; Total Company, 5.1%; and E-com, 19.3%. Comparable sales for the month, excluding the impacts from changes in gasoline prices in foreign exchange, were as follows: in the U.S., 5.8%; Canada, 8.7%; Other International, 8.4%; Total Company, 6.5%; and E-com, 19.3%. Our comp traffic or frequency for the month was up 4.7% worldwide and 3.9% 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 0.5%; and Total Company by approximately 0.1%. Gas price deflation negatively impacted total reported comp sales by approximately 1.3%. The average worldwide selling price per gallon was down approximately 10.5% versus last year. Worldwide, the average transaction was up about 0.4%, which includes the negative 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 Midwest, Northeast, and Texas. Other International in local currencies we saw the strongest results in Mexico, Taiwan, and the U.K. 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. Better performing departments included cooler, deli, and candy. Fresh Foods were up low double digits. Better performing departments included meat and produce. Non-Foods were positive low double digits. Better performing departments included jewelry, gift cards, and home furnishings. Ancillary business sales were down low to mid-single digits. Pharmacy, food court, and optical were the top performers. Gasoline was negative low double digits due to price deflation.

Looking ahead, the November reporting period will include the four weeks beginning November 4th and ending December 1st, compared to the four weeks beginning November 6th and ending December 3rd, 2023. November sales will be announced Wednesday, December 4th 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.

Powered by