Costco Wholesale Corporation (COST)
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Apr 24, 2026, 2:45 PM EDT - Market open
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Monthly Sales Update March 2023

Apr 5, 2023

Josh Dahmen
Financial Planning and Investor Relations VP, Costco Wholesale

Hello, thank you for calling Costco Wholesale Corporation. I'm Josh Dahmen, EVP of Finance and Investor Relations, and I will review our sales results for the 5-week retail month of March, which started on Monday, February 27th, and ended on Sunday, April 2nd. This period is compared to the 5 weeks that began last year on Monday, February 28th, and ended on Sunday, April 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. As reported in our release, net sales for March came in at $21.71 billion, an increase of 0.5% from $21.61 billion last year. Comparable sales were as follows. On a reported basis in the U.S., the 5 weeks, -1.5%, 31 weeks, 5.7%. In Canada, the 5 weeks, -2.4%, 31 weeks, 1.9%. Other international, the 5 weeks, 2.0%, 31 weeks, 0.9%. Total company, the 5 weeks, -1.1%, the 31 weeks, 4.5%. E-com, the 5 weeks, -12.7%, 31 weeks, -7.8%.

Comparable sales, excluding the impacts from changes in gasoline prices and foreign exchange were as follows. In the U.S., the 5 weeks, 0.9%, 31 weeks, 5.2%. Canada, the 5 weeks, 7.4%, 31 weeks, 8.5%. Other international, the 5 weeks, 7.6%, 31 weeks, 9.1%. Total company, the 5 weeks, 2.6%, 31 weeks, 6.1%. E-com, the 5 weeks, -11.6%, 31 weeks, -6.6%. Our comp traffic or frequency for March was up 4.6% worldwide and 3.6% 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 8%, other international approximately 5.1%, and total company by approximately 1.7%. Gas price deflation negatively impacted total reported comp sales by approximately 2.0%. The average worldwide selling price per gallon was down approximately 14% versus last year. Worldwide, the average transaction was down about 5.8%, which included the negative impacts from FX and gas deflation. In terms of regional and merchandising categories, the general highlights were as follows. U.S. regions with the strongest comparable sales were the Northeast, Southeast, and Midwest. Other international in local currencies, we saw the strongest results in U.K., Spain, and Mexico. Year-over-year inflation for food and sundries and fresh foods were both down from February.

Moving to merchandise highlights, the following comparable sales results by category for the month exclude the negative impact of foreign exchange. Food and sundries were positive in the high single digits. Coolers, sundries, and food were the strongest departments. Fresh foods were up mid-single digits. Better performing departments included bakery and produce. Non-foods was negative mid to high single digits. Better performing departments included tires, health and beauty, and apparel. Underperforming departments were home furnishings, toys and seasonal, majors, and jewelry. Ancillary business sales were down high single digits. Food court, pharmacy, and hearing aids were the top performers. Gasoline underperformed, driven by the average price per gallon. Looking ahead, the April reporting period will include the 4 weeks beginning April 3rd and ending April 30th, compared to the 4 weeks beginning April 4th and ending May 1st, 2022.

April sales will be announced on Wednesday, May 3rd at 1:15 PM. Pacific Time. If you have any investor relations questions, please call David Sherwood at 425-313-8239 or myself, Josh Dahmen at 425-313-8254. This recording will be available until 5:00 P.M. Pacific Time, Wednesday, April 12th. Thanks for calling Costco, and have a great day.

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