Costco Wholesale Corporation (COST)
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Apr 24, 2026, 2:45 PM EDT - Market open
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Monthly Sales Update May 2025

Jun 4, 2025

Andrew Yoon
Director of Finance and Investor Relations, Costco Wholesale Corporation

Hello, I'm Andrew Yoon, Director of Finance and Investor Relations, and I'll review our sales results for the four-week retail month of May, which started on Monday, May 5th and ended Sunday, June 1st. This period is compared to the four weeks that began last year on Monday, May 6th and ended Sunday, June 2nd. 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 the U.S. GAAP. As reported in our release, net sales for the month came in at $20.97 billion, an increase of 6.8% from $19.64 billion last year. Reported comparable sales for the month were as follows: U.S. 4.1%, Canada 3.3%, other international 6.6%, total company 4.3%, e-comm 11.6%. Comparable sales for the month excluding impacts from changes in gasoline prices and foreign exchange were as follows: U.S. 5.5%, Canada 6.3%, other international 8.4%, total company 6.0%, e-comm 12.0%.

Our comp traffic or frequency for the month was up 3.4% worldwide and 2.8% in the U.S. Foreign currency year-over-year relative to the US dollar negatively impacted total and comparable sales as follows: Canada by approximately -1.6%, other international by approximately -1.0%, and total company by approximately -0.4%. Gas price deflation negatively impacted total reported comp sales by approximately -1.3%. The average worldwide selling price per gallon was down approximately -10.4% versus last year. Worldwide, the average transaction was up about 0.9%, which includes the impacts from gas deflation and FX. Ex-gas deflation and FX average transaction was up about 2.5%. In terms of regional merchandising categories, the general highlights were as follows: U.S. regions with the strongest comparable sales were the Northwest, Midwest, and Los Angeles. Other international and local currencies, we saw the strongest results in Mexico, Taiwan, and Korea.

The negative impact of cannibalization was approximately - 70 basis points for the company in the month of May. Moving to merchandising highlights, the following comparable sales results by category for the month exclude the impact of foreign exchange. Foods and sundries were positive mid to high single digits. Better performing departments included cooler, candy, and frozen foods. Fresh foods were up high single digits. Better performing departments include meat and bakery. Non-foods were positive mid single digits. Better performing departments include jewelry, majors, and gift cards. Ancillary business sales were down low to mid single digits. Pharmacy, optical, and hearing aid were the top performers. Gas was down low double digits driven by price per gallon changes year over year. Looking ahead, the June reporting period will include five weeks beginning June 2nd and ending July 6th, compared to the five weeks beginning June 3rd and ending July 7th, 2024.

If you have any investor relations questions, please call Josh Damon at 425-313-8254 or myself at 425-313-6305. This recording will be available until 4:00 P.M. Pacific Time, Wednesday, June 11th.

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