ISSAQUAH, WA - The retail sector is evolving, from the scalability of innovative technology to the integration of in-store and e-commerce operations. Costco Wholesale Corporation is keeping pace with this evolution, and recently reported a significant sales gain. The retailer released its operating results for the first quarter of fiscal 2023, which covered the 12 weeks ended November 20, 2022, and reported a $4 billion net sales boost compared to the same period in 2021.
According to a release from the company, net sales for the first quarter increased 8.1 percent, to $53.44 billion from $49.42 billion last year.
Other highlights from the report include:
- Net income for the quarter was $1,364 million, $3.07 per diluted share, compared to $1,324 million, $2.98 per diluted share, last year
- Comparable sales for the first quarter fiscal 2023 in the United States were up 9.3 percent
- Comparable sales for the first quarter fiscal 2023 in Canada were up 2.4 percent
More information on Costco’s first quarter 2023 results can be found here.
As we continue to keep an eye on the retail sector, stick around with ANUK.
