Costco Wholesale Corp. reported ecommerce sales growth in its fiscal first quarter ended Nov. 26, 2023. The online retailer’s fiscal Q1 this year included Thanksgiving and Black Friday, but it did not include Cyber Monday.In total, Costco reported $56.72 billion in Q1 sales. That’s a 6.1% increase from $53.44 billion in the prior fiscal year’s first quarter. Costco’s net income in the quarter was $1.59 million, up from $1.37 million the prior year.Costco is No. 6 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers.Costco ecommerce sales and fulfillment in Q1Although Costco did not provide a dollar amount for its ecommerce sales, it said they increased 6.3% year over year in its fiscal Q1. This marks the first quarterly year-over-year increase in Costco ecommerce sales in five fiscal quarters, said Richard Galanti, chief financial officer, on an earnings call with investors. He added that ecommerce “showed strength in several areas.” Costco did not say how much ecommerce sales were as a percentage of total sales in Q1.advertisementIn the food department, online sales of appliances grew in the mid-20s percentage range year over year, Galanti said. E-gift cards, pet items and snack items grew in the mid-teen percentage range.…
Costco ecommerce sales off to good start in fiscal Q1 – Digital Commerce 360
