Costco reports strong fourth-quarter sales
Issaquah, Wash.-based Costco Warehouse said its net sales for the fourth quarter, which ended Sept. 1, were $46.45 billion, an increase of 7% from $43.41 billion during the same period last year. Net sales for the 2019 fiscal year were $149.35 billion, an increase of 7.9% from $138.43 billion during the same period last year.
The company also revealed its membership fee income increased 5.3% to $1.05 billion, bringing total revenue to $47.5 billion (also up 7% year over year). Comparable store sales rose 5.1%, driving most of the increase in total revenue. Excluding the impact of foreign currency fluctuations and changes in gasoline prices, comp sales growth was fairly consistent across all regions of the world.
Costco is best known for its private label, Kirkland Signature. It is unclear how much of the company’s Kirkland Signature private brand contributed to this quarter’s sales increase.