On December 14, 2023, Costco released FY Q1 2024 results. Costco topped quarterly revenue & earnings expectations due to strong sales in Fresh Foods and Foods & Sundries with eCommerce and Non-Foods showing improvement. Underlying positive sentiment for Costco’s Q1 was anchored by traffic increases of +4.7% worldwide, membership renewal growth being up 10 bps and a reported plan to open 31 new net clubs in FY24.
*Note: Costco’s fiscal year runs from September to August, making their fiscal Q1 which ended November 26, 2023, comparable to other retailers’ Q3 results.
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