Costco's Sales Accelerate Dramatically in June
Costco Wholesale (NASDAQ: COST) didn't escape from the COVID-19 pandemic completely unscathed. The warehouse-club chain's comparable sales declined in April for the first time in over a decade, due to the impact of stay-at-home orders, which decimated traffic to Costco's warehouses.
However, the pressure didn't last for long. Sales returned to growth in May as shoppers started to venture out to stores in greater numbers. And last week, Costco reported that sales trends accelerated again in June, with the company logging a rare double-digit comp-sales gain.
The COVID-19 pandemic hit most of Costco's major markets (especially the U.S.) in March. Initially, the pandemic was good for business, as it led to a surge in "stock-up" trips to buy essentials. Costco's comparable sales (adjusted to exclude the impact of foreign currency fluctuations and changes in gasoline prices) jumped 12.3% year over year in March, with strong growth across all of its major markets.
Source Fool.com
