Costco's Sales, E-Commerce Increase in November

Costco Wholesale Corp. has reported net sales of $20.14 billion for the retail month of November, the four weeks ended Nov. 26, an increase of 5.1% from the $19.17 billion logged last year. Same-store sales rose 3.5%, while e-commerce sales increased 9.9%. 

Excluding the impacts from changes in gasoline prices and foreign exchange, U.S. comparable sales rose 3%, while e-commerce increased 9.8%. 

[Read more: "Costco's Solid Q4 Sales Fueled By Grocery Demand"]

For the 12 weeks ended Nov. 26, the company reported net sales of $56.71 billion, an increase of 6.1% from the $53.44 billion reported for the 12 weeks of fiscal year 2023 ended Nov. 20, 2022.

According to the company, net sales for the 12 weeks were benefited by approximately 0.5% to 1% in the United States and worldwide from the shift of the fiscal calendar, as a result of the 53 weeks in fiscal year 2023.

Amid its November earnings, Costco also acknowledged the Nov. 28 passing of its longtime friend and board member Charles Munger as he approached his 100th birthday. CEO Craig Jelinek commented: "No one loved Costco more than Charlie. The company benefited greatly from his wisdom over the last quarter-century plus. We at Costco extend our deep condolences to his family."

Munger, whose net worth was around $2.6 billion, started his career by working at a grocery store for 12 hours a day for $2. As reported by Money Control, the deputy to Berkshire Hathaway’s Warren Buffett used to work as a clerk at Buffett & Son, an upscale grocery store run by Warren Buffett’s grandfather.

Issaquah, Wash.-based Costco currently operates 870 warehouses, including 599 in the United States and Puerto Rico, and 108 in Canada. The company is No. 3 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America. PG has also named Costco one of its Retailers of the Century.