In July 2024, Costco Wholesale Corp. achieved remarkable grocery sales, reporting net sales of $19.26 billion. This figure represents a significant year-on-year increase of 7.1%. Notably, sales within the United States alone experienced a rise of 5.3%, compared to a 4.5% increase the previous year. Comparable sales for the four-week period from July 8 to August 4 also showed strong growth, climbing by 6.3%—a notable jump from the 4.9% growth recorded in the same period last year.
Josh Dahmen, Costco’s AVP of finance and investor relations, highlighted that the grocery categories were particularly robust. Sales in food and sundries saw positive mid-single-digit growth, while frozen and dairy items performed even better. Fresh food sales rose impressively, with items like produce and meat leading the way.
Costco’s online presence is also thriving; e-commerce sales surged by 20.2% compared to last year, up from a 15.6% growth rate in July 2023. This shift underscores the growing importance of online shopping for consumers.
To mitigate loss and theft from membership card sharing, Costco is implementing new entry requirements. Members will soon need to scan their physical or digital membership cards before entering the stores, and guests must be accompanied by a valid member. Additionally, starting September, Costco plans to raise its membership fees.
Operating more than 880 warehouses, including over 600 in the United States, Costco continues to be a major player in the retail market, securing its place among the top food and consumables retailers in North America.