Costco Keeps Rolling With Strong March Sales
Costco Wholesale (NASDAQ: COST) capitalized on rapidly changing consumer habits to post impressive sales growth during 2020. The leading warehouse club's low prices and its broad selection of essentials and discretionary items helped it gain market share during the COVID-19 pandemic.
The rollout of coronavirus vaccines has already started to tame the pandemic. As a result, some investors worry that Costco could abruptly run out of momentum this year. Yet despite increasingly difficult year-over-year comparisons, the retail titan continues to grow sales at a double-digit pace, suggesting that the bears' concerns are overblown.
Costco's sales first accelerated because of the COVID-19 pandemic in February 2020, as consumers began stocking up on food and other essentials. Adjusted comparable sales (excluding the impact of changes in gasoline prices and foreign currency fluctuations) jumped 11.7% in that month, compared with a 5.3% increase in January 2020.
Source Fool.com
