Costco Posts Strong July Results As E-Commerce Sales Grow 20%

2024-08-09 01:51:45

(MENAFN- Baystreet) Costco Wholesale (COST) has reported strong financial results for the month of July, powered by a 20% rise in its e-commerce sales.

Costco, which is one of the few companies that still reports its results on both a monthly and quarterly basis, said that it had revenue of $19.30 billion U.S. in July, up 7.1% year-over-year.

The July sales figure was down from annual sales growth of 7.4% in June. Management blamed the deceleration on fluctuating gasoline prices.

Same-store sales increased by 5.2% in July from a year earlier, slightly slower than June's 5.3% growth.

Removing the impact of gas prices, Costco's same-store sales rose 7.2%, surpassing the 6.9% increase seen in June.

Foot traffic at the company's warehouse clubs worldwide rose 6.3% during the month.

Importantly, Costco's online sales jumped 20.2% in July, besting the 18.4% growth seen in June.

The company has been trying to boost its e-commerce business by improving delivery times and adding options to buy products online and pick them up in store.

Costco is scheduled to release its next quarterly earnings report on Sept. 26.

The stock of Costco has increased 46% in the last 12 months and currently trades at $810.30 U.S. per share.

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