Costco Wholesale Corporation (NASDAQ:COST) reported comparable sales for the retail month of November rose 4.3% vs. +7.7% consensus, consisting of a 6.0% gain in the U.S., 1.0% increase in Canada and 1.0% drop for the international business. E-commerce sales were down 10.1% for the month, with the higher exposure to discretionary categories a major factor.
After backing out gas and FX swings, comparable sales were up 5.3% overall and 4.6% in the U.S.
Bank of America noted that non-food items saw the first decline in sales since April of 2020 driven by weakness in consumer electronics, jewelry, and hardware.
Source: Seeking Alpha
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