Costco Q3 financial report released: e-commerce sales soared 20.7%!

It is learned that the US retail giant Costco recently released its third-quarter financial report for fiscal year 2024.

Here's a summary of Costco's third-quarter financial results:

Net sales were $57.39 billion, up 9.1% year-over-year

Net income was $1.68 billion , compared to $1.3 billion in the same period last year

Total comparable sales increased 6.6%, with U.S. same-store sales up 6.2%

Membership fee revenue was US$1.123 billion , a year-on-year increase of 7.6%

Gross profit margin was 10.84% , compared with 10.32% in the same period last year

Costco Chief Financial Officer Gary Millerchip said that Costco 's earnings, revenue and same-store sales exceeded expectations in the quarter, driven by increased customer traffic and discretionary purchases . As inflation stabilizes, users begin to buy more non-essential items, with toys, tires, lawn and garden supplies, and health and beauty supplies being the fastest growing categories.

In addition, e-commerce sales soared 20.7% this quarter, mainly driven by gold and silver bars, gift cards and home appliances . As of this quarter, Costco had 74.5 million paying members, up 7.8% from the same period last year. Costco logistics plays a key role in providing members with an end-to-end experience, and goods delivered through Costco logistics increased by 28% this quarter.

In the remainder of fiscal 2024, Costco plans to open 12 new stores, including 9 in the United States, 2 in Japan, and 1 in South Korea, bringing the total number of new stores opened throughout the year to 30. Capital expenditures for the full year 24 are expected to be between US$4.3 billion and US$4.5 billion.

Author ✎Rayna/

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