The Strategist

US Costco sales jump by 12% in February

03/09/2020 - 04:50

Costco Wholesale Corp., an American club warehouse operator, reported a 12.1% increase in comparable sales in February and a shortage of certain products. The company associated this with the decision of buyers to stock up in bulk in case of coronavirus quarantine.

Stu pendousmat
Stu pendousmat
In February, demand intensified on fears of an increase in the number of people infected in the United States. Sales could grow stronger, but in some stores peanut butter, toilet paper, bottled water, and other everyday goods quickly ran out.

Long lines have become commonplace across the country, and the hashtag #CostcoPanicBuying has appeared on social media, The Wall Street Journal writes.

“We receive goods daily, but that’s not enough, given the increased demand for certain key positions,” said Richard Galanti, chief financial officer of the company. “Last week was a little crazy in terms of frequency of purchases and level of sales, and not just in the United States.”

According to him, Costco establishes restrictions on certain products by the number of products sold in one hand, depending on the volume of deliveries, but in recent days the number of customers has been growing. “We have huge traffic growth,” which began last week and continues this week, he said.

In a number of stores, bottled water sales were limited to five bottles per hand, buyers reported.