Costco Wholesale Corporation (COST)
NASDAQ: COST · Real-Time Price · USD
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Apr 24, 2026, 2:45 PM EDT - Market open
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Monthly Sales Update April 2023

May 3, 2023

Josh Dahmen
AVP of Finance and Investor Relations, Costco Wholesale

Hello, and thank you for calling Costco. I'm Josh Dahmen, AVP of Finance and Investor Relations, and I will review our sales results for the four-week retail month of April, which started on Monday, April 3rd, and ended on Sunday, April 30th. This period is compared to the 4 weeks that began last year on Monday, April 4th, and ended on Sunday, May 1st. 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, the company does not undertake to update them except as required by law. As reported in our release, net sales for April came in at $17.85 billion, an increase of 3.0% from $17.33 billion last year. Reported comparable sales for April were as follows: In the U.S., 0.9%; Canada, 0.5%; other international, 4.9%; total company, 1.4%; and e-commerce, -5.9%. Comparable sales for April, excluding the impacts from changes in gasoline prices and foreign exchange, were as follows: In the U.S., 2.9%; Canada, 8.3%; other international, 7.5%; total company, 4.3%; and e-com, -4.9%.

Our comp traffic or frequency for April was up 5.2% worldwide and 4.0% 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 6.7%, other international by approximately 2.2%, and total company by approximately 1.2%. Gas price deflation negatively impacted total reported comp sales by approximately 1.7%. The average worldwide selling price per gallon was down approximately 11% versus last year. Worldwide, the average transaction was down about 3.6%, 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, Midwest, and Southeast.

Other international and local currencies, we saw the strongest results in Spain, U.K., and Mexico. Year-over-year inflation for both food and sundries and fresh foods was lower than in March. 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. Sundries, cooler, and food were the strongest departments. Fresh foods were up mid-single digits. Better performing departments included bakery and produce. Non-foods was negative low single digits. Better performing departments included tires, automotive, and health and beauty. Underperforming departments were home furnishings, majors, primarily consumer electronics and jewelry. Ancillary business sales were down mid-single digits. Food court, pharmacy, and optical were the top performers. Gasoline underperformed, driven by the average price per gallon. Looking ahead, we will release our Q3 FY 2023 earnings on Thursday, May 25th.

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. The May reporting period will include the four weeks beginning May 1st and ending May 28th, compared to the four weeks beginning May 2nd and ending May 29th, 2022. May sales will be announced on Thursday, June 1st at 1:15 P.M. 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, May 10th. Thanks for calling Costco and have a great day.

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