Costco's latest September 2020 sales delivered a strong performance with comparable sales in Canada during the five week period ending October 5, 2020 reaching almost 18 per cent, U.S. comp sales hitting 14.5 per cent and ecommerce sales hitting a staggering 90.3 per cent increase.
According to industry analysts the "jaw-dropping results" were driven in part by fresh food sales that grew at a mid-20 percentange point, followed by sundries and hardline sales. Indeed, Costco sales that meat, produce, frozen food and shelf-stable food were among the strongest merchandise categories in September with some analysts noting that the big box store is gaining share from grocery stores.
Overall, Costco's net sales jumped by 16.9 per cent per cent to $16.84 billion on a 15.5 per cent increase in comparable sales. Excluding the impact of gasoline price changes and foreign currency fluctuations, adjusted comp sales soared 16.9 per cent year over year, the best result the company has achieved in recent memory. For comparison, adjusted comp sales rose by 14.1 per cent last quarter and 9.2 per cent for fiscal 2020 as a whole.
A double-digit percentage increase in average transaction size was behind the growth of the majority of sales at the company.