Costco Wholesale (NASDAQ: COST) has been one of the biggest retail winners during the COVID-19 pandemic. Consumers have ramped up spending on groceries and home-related items, and Costco has won more than its share of that spending by capitalizing on its status as a one-stop shop and its huge base of loyal, high-income customers.
Costco’s sales growth slowed a bit during December, compared to the previous few months. However, the warehouse club giant continues to expand its top line at a double-digit pace, highlighting its resilience.
Through the first two months of Costco’s 2021 fiscal year — September and October — adjusted comparable sales (excluding fluctuations in gasoline prices and exchange rates) surged 16.8% year over year. Growth continued at a similar rate for the first three weeks of November, before slowing abruptly to a mid-single-digit pace during the week of Thanksgiving.