Costco shows some sign of a bounce back, but e-commerce still lagging

Costco's online sales dropped nearly 6% in April, according to monthly sales data released by the company.

The superstore suffered a 5.9% decline in e-commerce business in April compared to April 2022.

That was really the only blemish in the latest four-week report for Costco, as comparable sales were up 1.4% in April after suffering a 1.1% decline in March. The retailer’s net sales were up 3% to $17.85 billion.

The start of 2023, however, has not been one of sales glamour for Costco, which is headquartered in Issaquah, Wash. March showed a decline in sales not seen since the beginning of the COVID-19 pandemic. Costco posted a 0.9% gain after excluding the impact of changes in gasoline prices, marking the smallest gain since April 2020 when consumers were on lockdown due to COVID-19. It’s important to note that the Institute for Supply Management revealed the service sector in March experience slower-than-expected growth.

In December and January, Costco's overall sales were up 6%, but by February that number was at just 3.5%.