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

Dec 4, 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 November, which started on Monday, November 4th, and ended on Sunday, December 1st. This period is compared to the four weeks that began last year on Monday, November 6th, and ended on Sunday, December 3rd. 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 $21.87 billion, an increase of 5.6% from $20.71 billion last year. E-commerce sales in November were negatively impacted by an estimated 15 percentage points due to Thanksgiving, Black Friday, and Cyber Monday occurring a week later this year versus last year. Total and comparable sales were negatively impacted by approximately 1.5% as a result of the shift in e-commerce sales.

Reported comparable sales for the month were as follows: in the US, 3.4%; in Canada, 3.7%; Other International, 1.3%; total company, 3.1%; and e-commerce, negative 3.1%. Comparable sales for the month, excluding the impacts from changes in gasoline prices in foreign exchange, were as follows: in the US, 4.3%; in Canada, 5.7%; Other International, 7.3%; and total company, 4.9%. E-com was negative 2.5%. Our comp traffic, or frequency for the month, was up 3.0% worldwide and 2.2% in the US, including the negative impact from the holiday shift. Foreign currency, year- over- year, relative to the US dollar, negatively impacted total and comparable sales as follows: Canada by approximately negative 2.1%; Other International by approximately negative 5.6%; and total company by approximately negative 1.1%. Gas price deflation negatively impacted total reported comp sales by approximately negative 0.7%.

The average worldwide selling price per gallon was down approximately 6.8% versus last year. Worldwide, the average transaction was up about 0.1%, 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, Southeast, and Northeast. Other international and local currencies, we saw the strongest results in Mexico, Korea, and Taiwan. 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, Frozen Foods, and Deli. Fresh Foods were up high single digits. Better-performing departments included Meat and Produce. Non-Foods were positive mid-single digits. Better-performing departments included Jewelry, Gift Cards, and Home Furnishings. Ancillary Business sales were down low single digits.

Pharmacy, Optical, and Food Court were the top performers. Gasoline was negative high single digits due to price deflation. Looking ahead, the December reporting period will include the five weeks beginning December 2nd and ending January 5th, compared to the five weeks beginning December 4th and ending January 7th, 2024. December sales will be announced Wednesday, January 8th, at 1:15 P.M. Pacific Time. Prior to the December sales release, we will be releasing our Q1 earnings on December 12th. Earnings will be announced after market close with a conference call to follow at 2:00 P.M. Pacific Time. The call can be streamed live via our investor relations website. If you have any investor relations questions, please call David Sherwood at 425-313-8239 or give me a call at 425.

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