Overview
- Costco reported April net sales of $23.92 billion, with comparable sales up 11.6% and online sales up 18.8%.
- On the company’s adjusted basis that removes gasoline and currency effects, total comparable sales rose 7.8% and digital grew 18.4%.
- Costco said an extra Easter shopping day added about 1.5 to 2 percentage points to April totals, which made the headline gains look larger.
- Bank of America kept a Buy rating with a $1,185 price target and estimated gasoline added roughly 320 basis points to April comps as average pump prices rose 26.7% year over year.
- Membership metrics and expansion plans continue to underpin the outlook, with 92.1% renewal in the U.S. and Canada, 82.1 million paid members, 928 warehouses, a target of about 28 net openings this fiscal year, and Q3 results expected May 28.