Costco’s October was better than a year ago

Costco reported another successful earnings month in October, the warehouse retailer announced on Nov. 6.

The Issaquah, Wash.-based retailer posted total net sales of just over $20 billion for the four weeks ending Nov. 3, a 7.2% increase year over year.

Excluding impacts from gasoline prices and foreign exchange, U.S. comparable sales increased 5.8% compared to October 2023, and e-commerce sales rose 19.3%.

Hurricanes and a brief port strike dragged down Costco’s sales during the period by just over 1% in the U.S., the warehouse retailer reported. 

Over the past nine weeks, total net sales reached $44.65 billion, reflecting an 8% year-over-year increase. Comparable sales in the U.S. grew 5.4% during the same period.

Excluding impact from gasoline prices and foreign exchange, U.S. comparable sales rose 7.7% year over year during the first nine weeks of its fiscal year, while e-commerce sales surged 21.2%.

Costco is coming off a strong fourth-quarter earnings report, which saw U.S. comparable sales increase 5.3% year over year, with e-commerce up 18.9%.

Net sales for the quarter reached $78.2 billion, a 1% increase compared to the 17-week fourth quarter of the previous year, while net income exceeded $2.3 billion.

“I would say we feel very good about our momentum ending fiscal year ’24, and as we head into the new fiscal year, we’re optimistic about the opportunities ahead of us,” said Costco Executive Vice President and CFO Gary Millerchip during the earnings call.

On Sept. 1, Costco increased its membership fees for the first time since 2017. The retailer has not released any membership data since the change took effect. 

The basic membership fee rose by $5 to $65, while Costco’s Executive Membership increased by $10 to $130 annually.

Costco operates 615 locations in the U.S. and Puerto Rico.