Washington-based wholesale retailer Costco released its financial numbers from December of 2021, highlighted by a sizeable increase from the same month in 2020.
For the five weeks ended Jan. 2, 2022, Costco, fueled by its Kirkland Signature own brand, reported net sales of $22.24 billion, an increase of 16.2% from $19.14 billion last year. The December gains follow a successful November holiday weekend, where Costco saw a 25.4% increase in traffic compared to 2020.
December comp sales rose 15.9% in the United States and 16.5% in Canada, while ecommerce sales increased by 17.8% on a comparable basis in December. For the 18 weeks ended Jan. 2, 2022, the company reported net sales of $76.34 billion, an increase of 16.6% from $65.47 billion last year.
Costco’s 2022 Q1 net income was $1.324 billion compared with $1.166 billion last year. Net sales for the quarter increased 16.7% to $49.42 billion, up from $42.35 billion. Same-store sales for the first quarter were 9.9%, excluding gas inflation and the impacts of currency fluctuations.
According to Costco chief financial officer Richard Galanti, inflation pressures, port delays, container challenges and COVID-19 outbreaks have led to difficulties despite the increase in sales.
Costco currently operates 828 warehouses, including 572 in the United States and Puerto Rico.