Costco Wholesale has reported its financial results for the fourth quarter of fiscal 2019, as well as the full fiscal year.
Notably, same-store sales were up 5.1 per cent excluding the impact of fuel and currency fluctuations, Reuters reports. This was slightly lower than the 5.25 per cent expected by Wall Street. Total revenue climbed to $47.5 billion, a seven per cent increase, again slightly short of the expected $47.57 billion. Comparable quarterly sales were up 6.2 per cent in the U.S. and 2.6 per cent in Canada. For the full year they were up 7.8 per cent in the U.S., 1.6 per cent in Canada - and up 6.1 per cent overall.
Costco has been cutting prices and investing in its online and brick and mortar presence in response to competition from Amazon and Walmart, Reuters reports. And it has been expanding internationally, recently opening its first location in Shanghai to an overwhelming customer response and setting a record for new membership sign-ups. The company plans to open a second Shanghai store in 2021.
The earnings transcript and video are available here.