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Costco posts sales gain in Q3

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ISSAQUAH, Wash. — Costco Wholesale Corp. posted sales of $36.45 billion for its third quarter ended May 10, a 7.3% increase over the comparable period in 2019.

Same store sales, adjusted to exclude the impacts of fuel sales and the effects of currency changes, increased 8% in the United States and 7.8% for the entire company in the quarter. E-commerce sales increased 66.1%.

Reported net income for the third quarter was $838 million, or $1.89 per share, down from $906 million, or $2.05 per diluted share, in last year’s third quarter. This year’s results were negatively impacted by $283 million pretax, or 47 cents per diluted share, from incremental wage and sanitation costs related to COVID-19. Last year’s reported third quarter net income included the benefit of a non-recurring tax item of $73 million, or 16 cents per share.

Net income for the first 36 weeks was $2.61 billion, or $5.89 per diluted share, compared to $2.56 billion, or $5.79 per diluted share, last year.

Costco finished the third quarter with 787 warehouse clubs, including 547 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 12 in Australia, two in Spain, and one each in Iceland, France, and China. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.


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