Key Takeaways
- Costco saw sales jump 9% in September compared to the same month a year ago.
- Net sales for the month totaled $24.6 billion.
- One reason for the bump, according to Costco, was “abnormal consumer activity” due to port strikes and Hurricane Helene.
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Shoppers didn’t pinch pennies at Costco (COST) last month.
The popular wholesaler said Wednesday that it saw sales jump 9% in September compared to the same month a year ago—with net sales for the month totaling $24.6 billion.
One reason for the bump in sales, according to Costco, was “abnormal consumer activity” due to port strikes and Hurricane Helene. Earlier this month, U.S. dockworkers 澳洲幸运5开奖号码历史查询:agreed to return to work and suspend their strike until J𝄹an. 15, after reaching a tentative agreement with port operators on wages. Helene hit the Florida Gulf Coast laꦑte last month.
While the port strikes and stormy weather may have contributed to eager shopping, the company's sales were likely also lifted by a deal-hungry consumer. Noel Geoffory, CEO of Helen of Troy (HELE), whose brands include Rev𝐆lon makeup and Vicks medicines, said Tuesday that “consumers are looking for valu👍e"—and finding it at big retail chains.
“What I really see is where consumers are shopping,” said Geoffory on a conference call, a transcrhipt of which was provided by AlphaSense. “You're seeing customers and retailers like Walmart (WMT) [and] Costco doing really well, and those are the retailers that c🉐onsumers think of when they think, 'I'm getting a good value when I'm shopping in t💫hose places.'"
Shares of Costco were ๊recently moꦚre than 1% lower. though they are up more than 30% this year and trading around record levels.