USA: Costco sees sales rise in Q1

USA: Costco sees sales rise in Q1

Costco has seen a 5% increase in group sales in the first quarter.

Reporting its Q1 financials, the US wholesaler declared that total sales for the 12 weeks to 24th November increased to US$24.47bn, up on the same period of last year when total sales came to US$23.3bn. The upturn was achieved despite foreign currency fluctuations and a decrease in the price of petrol, Just Food reports.

Broken down geographically, comparable sales rose 3% in the US and 1% internationally. According to Costco, US and international sales would have gained by 4% and 6% respectively, were it not for the impact of petrol prices and foreign exchange rates.

Meanwhile net sales in November reached $8.78bn, an increase of 5% from the $8.40 billion recorded over the same four week period last year.

Costco has recently embarked on a strategy of expansion and has plans to open 36 new outlets in the US and overseas during this financial year. The retailer has also recently announced its intention to enter Spain, which would be its eighth international market.

Source: Just Food