Costco reported stronger sales than analysts' were expecting Thursday, thanks, in part, to a boost the company received from consumers stocking up at its stores to prepare for a more widespread outbreak of a new coronavirus.
Costco said the impact from the new coronavirus boosted its monthly same-store sales by roughly 3 percentage points.People load Clorox into their car in the Costco parking lot after the first confirmed case of coronavirus was announced in New York State, in Brooklyn, New York, March 2, 2020.
"February sales benefited from an uptick in consumer demand in the fourth week of the reporting period," the company said. "We attribute this to concerns over the coronavirus." Costco said the impact boosted its monthly same-store sales for February by roughly 3%. For the month ended March 1, same-store sales were up 12.1%.have flocked to Costco stores across the country to stock up on water, paper towels, sanitizing wipes and other household goods. The company told analysts Thursday it has been receiving deliveries daily. It also said, in some instances, it is placing limits on how much people can purchase.
"Overall ... it just takes a little more work," CFO Richard Galanti said during a post-earnings conference call with analysts.For its fiscal second quarter, overall, Costco said same-store sales, which is a metric that tracks sales online and from stores for at least 12 months, rose 8.9%. They were up 7.9% when excluding the impact of gasoline prices and currency fluctuations, the company said.
When shoppers are coming in to prep for the coronavirus, Galanti said customers are also buying other big-ticket items, such as patio furniture, which could end up being a bigger boon to sales.Costco shares were down less than 1% in after-hours trading Thursday. The stock had closed Thursday down about 1.5%, amid a broader selloff. Costco has a market cap of about $139.5 billion.
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