News

# Costco says May sales up 24%, but pace of online sales growth slows

Costco posts better-than-expected quarterly profit

Table of Contents

“#
Costco says May sales up 24%, but pace of online sales growth slows
”

Costco Wholesale Inc.’s sales rose 24% to $15.59 billion in May, with online sales growing a relatively tame 12% in the month, the retailer said late Thursday.

Costco
COST,
+0.86%
shares edged lower in the extended session Thursday after the news. The stock ended the regular trading day up 0.9%. It has gained 1.9% so far this year, compared with gains of around 12% for the S&P 500 index
SPX,
-0.36%.

Same-store sales rose 23%, the company said. The month had an additional shopping day, Costco said.

During the height of stockpiling amid pandemic-related shutdowns and stay-at-home health orders, Costco’s online sales skyrocketed, although the boosts were occasionally not enough to offset losses from closed brick-and-mortar stores and lost sales for its travel business, food courts and departments such as optical and photo.

Claudia Assis

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.