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

Jul 6, 2023

Josh Dahmen
VP of Financial Planning and Investor Relations, Costco Wholesale

Hello, I'm Josh Dahmen, AVP of Finance and Investor Relations, and I will review our sales results for the 5-week retail month of June, which started on Monday, May 29th, and ended on Sunday, July 2nd. This period is compared to the 5 weeks that began last year on Monday, May 30th, and ended on Sunday, July 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 our 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 June came in at $22.86 billion, an increase of 0.4% from $22.78 billion last year. Reported comparable sales for June were as follows: In the U.S., -2.5% in Canada, -0.6% in other international, +4.5% total company, -1.4% and e-commerce, -0.7%.

Comparable sales for June, excluding the impacts from changes in gasoline prices and foreign exchange, were as follows: in the U.S., +2.0% in Canada, +6.5% other international, +5.1% total company, +3.0% and e-commerce, -0.4%. June had one fewer pre-Fourth of July shopping day compared to last year. We estimate that this negatively impacted June 2023 U.S. total and comparable sales by a little more than 50 basis points and June 2023 worldwide total and comparable sales by a little less than 50 basis points. Our comp traffic or frequency for June was up 4.2% worldwide and 3.6% in the U.S.

Foreign currencies year-over-year relative to the U.S. dollar impacted total and comparable sales as follows: Canada, negatively by approximately 4.1% other international, positively by approximately 1.3%. Total company, negatively by approximately 0.4%. Gas price deflation negatively impacted total reported comp sales by approximately 4.0%. The average worldwide selling price per gallon was down approximately 24% versus last year. Worldwide, the average transaction was down about 5.4%, 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, Northwest, and Southeast. Other international and local currencies, we saw the strongest results in Mexico, U.K., and Korea.

Year-over-year inflation for food and sundries continues to decrease and was lower than in May. Year-over-year fresh foods inflation has returned to historically normal levels in the low single digits, consistent with the last couple of months. 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. Candy, 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 low single digits. Better performing departments included tires, health and beauty, and apparel. Weaker departments were toys and seasonal, home furnishings, and sporting goods. Ancillary business sales were down mid-teens. Food court, pharmacy, and optical were the top performers. Gasoline was lower, driven by the average price per gallon.

Looking ahead, the July reporting period will include the 4 weeks beginning July 3rd and ending July 30th, compared to the 4 weeks beginning July 4th and ending July 31st, 2022. July sales will be announced on Wednesday, August 2nd, at 1:00 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, Thursday, July 13th.

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