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Costco sees strong April earnings ahead of Q3 report

Warehouse retailer saw 7.1% YOY increase in net sales for the month
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Canadian comparable sales were up by 5.2%.

While the effects of an Easter holiday set in March affected its bottom line, Costco Wholesale Corp. is reporting solid April sales figures. Net sales for the month were $19.80 billion for the four weeks ended May 5, representing a 7.1% year-over-year increase.

For the first 35 weeks of the fiscal year, net sales were $166.44 billion, which was an increase of 7% from $155.62 billion last year. Total company comparable sales for the period were 5.6%, and comparable sales for e-commerce were 14.6%. Canadian sales were up by 5.2%.

The company reported that this year’s retail month of April was impacted by the shift in timing of Easter, negatively impacting total and comparable sales by about half a percent.

The fact that Easter was on the last day of March this year gave Costco a bit of a bump, with net sales at $23.48 billion during the month, a 9.4% year-over-year increase. U.S. comp sales were up 7.3%, while comps excluding the impact from changes in gas prices and foreign exchanges were on a similar upward track of 7.4%. E-commerce did well during the five-week period too, increasing 28.3%. 

Costco will report third fiscal quarter earnings on May 30.

This article first appeared in sister publication Progressive Grocer

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