US retailer Costco Wholesale Corporation has reported that comparable sales increased 4.1% to $126.17 billion in its 53-week fiscal year, ending 3 September 2017.
Performance was boosted by strong sales in the company's fourth quarter, which were up by 6.1%.
Comparable sales for the year saw growth across all regions, including the US (+4.4%), Canada (+4.7%) and international markets (+2.1%). Additionally, comparable e-commerce sales were up by 13% during this period.
However, these results were lower than analysts' estimates, causing the company's shares to drop Thursday, according to the Financial Times.
Costco ended its 2017 fiscal year with 741 warehouses in operation, including 514 in the United States and Puerto Rico, 97 in Canada, 37 in Mexico, 28 in the United Kingdom, 26 in Japan, 13 in Korea, 13 in Taiwan, nine in Australia, two in Spain, one in France and one in Iceland.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
