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Industry NewsCostco Q3 fiscal 2023 results miss estimates, but Canada sales up 7.4%

Costco Q3 fiscal 2023 results miss estimates, but Canada sales up 7.4%

Costco has announced its operating results for the third quarter (twelve weeks) and the first 36 weeks of fiscal 2023, which ended May 7, 2023; comparable adjusted (excluding the impacts from changes in gasoline prices and foreign exchange) Canadian sales were up 7.4 per cent. Comparable adjusted U.S. sales were up 1.8 per cent for the quarter.

Net sales for the quarter increased 1.9 per cent, to $52.60 billion, from $51.61 billion last year. Net sales for the first 36 weeks increased 5.5 percent, to $160.28 billion, from $151.97 billion last year.

Costco Wholesale’s e-commerce sales came in lower than estimated, down 10.0 per cent. Currently, it operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia, as reported by yahoo!finance.

Costco currently operates 853 warehouses, including 107 in Canada.

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