Costco Confirms a Huge Coronavirus Sale Boost
Costco Wholesale Corporation (NASDAQ: COST) has seen customer traffic surge as Americans stock up on supplies ahead of a potential coronavirus outbreak. On Thursday evening the warehouse retailer reported quarterly earnings results that also included sales trends for the month of February, which included a huge boost related to the health scare.
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Customer traffic shot higher by 9% in February, with most of that surge coming in the last week of the month, which saw coronavirus headlines dominate the news. The chain saw elevated demand for shelf-stable grocery products, along with cleaning supplies, sanitation wipes, and disinfectants. The extra traffic depleted inventory for some products and Costco also issued sporadic limitations on purchasing quantities. "It's been a little crazy this past week," CFO Richard Galanti said in a conference call with investors.
Source Fool.com
