Costco sees sales drop as panic shopping wears off and stay-at-home restrictions keep shoppers out of stores
These new restrictions, along with the ongoing lockdown in parts of the US, are now starting to weigh on its business.
"Limited service in Travel and our Food Courts; closures of most of our Optical, Hearing Aid and Photo departments, and lower volume and price deflation in our gasoline business negatively impacted our April sales by an estimated 12 percentage points, of which approximately 70% related to gasoline," it added.
Same-store sales overall were down 0.5% excluding currency and gas price fluctuations. Including these numbers, same-store sales were down by 4.7%, it said. However, O'Shea pointed out that the company had seen a nearly 88% rise in its ecommerce sales during April. This "should serve Costco well once a return to normalcy occurs as its members become more comfortable with this channel," he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Costco Is the Latest Grocer to Limit Sales of Meat ItemsSome supermarkets are limiting beef, pork, and poultry sales, while Tyson warns things could get worse before they get better.
Read more »
Costco vs. Walmart: Which credit card is the better choice?Costco and Walmart both offer discounts with the ability to maximize savings by opening one of the retailers' co-branded credit cards, but which store has the best option?
Read more »
Costco Limits Meat Purchases to Prevent Hoarding Amid Potential ShortageThe bulk grocer announced this week that it would be limiting shoppers to three total items of fresh beef, pork, and poultry products per visit
Read more »
Uber to lay off 14% of its staffThe company says it's cutting about 3,700 full-time roles, or roughly 14% of its staff, on its customer support and recruiting teams in response to the reduced volume of ride requests during the coronavirus pandemic and the company's hiring freeze.
Read more »
CVS Warns of Surge in Non-Coronavirus Health ProblemsCVS warned of an impending surge in medical problems unrelated to coronavirus, as the pharmacy chain’s data suggest Americans are delaying routine health care during the pandemic
Read more »
Cardholders' credit limits are shrinking during the pandemic - Business InsiderIssuers are walking a tightrope between managing the risk of missed payments and alienating cardholders who need credit cards more than ever during the pandemic
Read more »