On December 14, 2023, Costco released fiscal year Q1 2024 results. Costco topped quarterly revenue and 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.
Download Harvest Group’s full recap with unique takeaways for suppliers here:
