Costco: Double-Digit Growth Continues in May
A month ago, Costco Wholesale (NASDAQ: COST) reported that its adjusted comparable sales soared more than 24% in April. The leading warehouse club operator faced a much tougher year-over-year comparison in May. Nevertheless, Costco delivered another month of double-digit comp sales growth, highlighting the company's tremendous momentum.
For May, Costco's adjusted comparable sales -- excluding the effects of gasoline price inflation and foreign currency fluctuations -- rose 14.7%. On an unadjusted basis, comp sales jumped 22.8%, and total sales grew 24.2% to $15.59 billion. Traffic increased more than 18%, as consumers have become willing to visit stores more frequently after receiving their COVID-19 vaccinations.
Management noted that the timing of Memorial Day boosted Costco's sales growth by between 2 and 2.5 percentage points last month. Still, even without that tailwind, Costco would have posted a double-digit comp sales gain.
Source Fool.com
