US-based membership-based warehouse club Costco Wholesale has reported a 7.4% increase in net sales for the retail month of June 2024, reaching $24.48bn compared to $22.78bn in the same period of 2023.
For the five weeks ended 7 July 2024, the retailer’s total comparable sales saw a 5.3% increase, while its e-commerce comparable sales jumped by 18.4%.
During the first 44 weeks of the fiscal year, Costco’s net sales amounted to $210.55bn, a 6.9% rise from $196.93bn the year previously.
Total comparable sales for this same period grew by 5.4%, with e-commerce comparable sales experiencing 15.2% growth.
Costco operates 882 warehouses worldwide, including 609 in the US and Puerto Rico, 108 in Canada and others in locations such as Mexico, Japan and the UK.
The retailer also runs e-commerce sites across countries including the UK, Mexico, Korea, Taiwan and Australia.
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By GlobalDataCostco also announced an increase in its annual membership fees for the first time in seven years.
Effective from 1 September 2024, the fees for US and Canada Gold Star, Business, and Business Add-on members will rise by $5, bringing the annual charge to $65.
The fee hike will also affect Executive memberships in the US and Canada, which will see an increase from $120 to $130, comprising a Primary membership of $65 and an Executive upgrade of $65.
In addition, the maximum annual 2% reward for Executive members will rise from $1,000 to $1,250.
The changes will change 52 million memberships, more than half of these Executive.
In June 2023, following a rise in card abuse, Costco took a firm stance against individuals accessing its sites with other people’s membership cards.