Please do not leave this page until complete. This can take a few moments.
Costco said Wednesday that sales fell in April because of stay-at-home orders, social distancing restrictions and some mandatory store closures.
Costco's global sales at stores open for at least one year fell 0.5% last month, excluding gas prices and currency volatility, compared with last year. Including lower gas prices and currency fluctuations, Costco's sales dropped 4.7% in April. It was the first month Cotsto's sales have dropped in years.
"April sales were negatively impacted by COVID-19," the company said in a statement Wednesday. The company cut back services in its travel booking division and food courts. It also closed most of its optical, hearing aid and photo departments.
Costco's digital sales soared in April, however, rising 87% as consumers hunkered down at home.
Prior to April, Costco had benefited from shoppers panic buying groceries and household essentials in bulk during the coronavirus pandemic. Sales at Costco's stores open for at least one year in March increased 9.6% compared with the year prior, and February sales were up 12.4% from a year ago.
Analysts say Costco's business remains strong, despite the slowdown last month. Costco and rival big box chains such as Walmart and Target have been tightening their hold on US shoppers as department stores and mall-based brands falter.
"We continue to expect Costco to remain a share gainer, with its solid sales" and "high membership renewal rates," Joseph Feldman, analyst at Telsey Advisory Group, said in a note to clients Wednesday.
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments