Costco Wholesale Corp. ended its fiscal year on a strong note as consumers continued to shop its stores to stock up on items amid the pandemic.
The membership-based retailer’s net sales for the fourth quarter ended Aug. 30 increased 12.5% to $ 52.28 billion, its highest increase in nearly three years. Total revenue rose to $ 53.38 billion from $ 47.5 billion. E-commerce sales jumped 91% during the quarter.
Total same-store sales rose 11.4%, more than double the growth of the previous quarter.
“As people are spending less on travel, air and hotel and dining out, they seem to have redirected at least some of those dollars to categories like lawn and garden, furniture, mattresses, exercise equipment, bicycles, housewares, cookware, domestics and the like, ”Costco CFO Richard Galanti said on the company’s earnings call.
Source: America Retail
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