Costco Delivers Stunning January Sales
While the COVID-19 pandemic brought many retailers to their knees, Costco Wholesale (NASDAQ: COST) has reported strong sales growth for much of the past year. Consumers shifted spending toward Costco as they spent more time at home and looked to consolidate shopping trips.
Costco's sales growth moderated beginning Thanksgiving week and continuing through the end of December. That caused some investors to worry that the warehouse club giant was losing its momentum. Costco dispelled that notion on Wednesday afternoon, reporting excellent sales results for the month of January.
Costco's adjusted comparable sales (excluding changes in gasoline prices and currency fluctuations) jumped nearly 17% in September and October, the first two months of the company's 2021 fiscal year. Growth stayed strong in the first three weeks of November, but abruptly slowed to a mid-single-digit pace during Thanksgiving week. For the five-week retail month of December, adjusted comp sales rose 10.9%.
Source Fool.com
