Costco Wholesale’s revenue jumped nearly 10% in December. According to a report by Barron’s. Costco’s revenue increased by 9.9% from a year earlier to $26.2 billion in December 2023, which is an acceleration from November’s 5.1% increase.
The report also states that holiday shoppers gave the retailer a boost, which contributed to the increase in revenue.
Another report by Yahoo Finance confirms that Costco reported net sales of $26.15 billion for the retail month of December 2023, representing a notable increase of 9.9% compared to the same period last year.
The report also mentions that this year’s retail month of December had one additional shopping day due to the timing of New Year’s, which benefited total and comparable sales by approximately three percent.
Overall, the reports suggest that Costco’s revenue saw a significant increase in December 2023, which can be attributed to holiday shopping and an additional shopping day.
Factors That Contributed to Costco’s Revenue Growth in December
Costco’s revenue growth in December can be attributed to several factors. The company’s net sales for the retail month of December 2023 increased by 9.9% from the previous year, reaching $26.15 billion.
One significant factor contributing to this growth was the additional shopping day in December due to the timing of New Year’s, which benefited total and comparable sales by approximately three percent.
Additionally, holiday shopping and a strong performance in e-commerce, with a 17.7% increase in comparable sales, also played a key role in driving the revenue growth. These factors combined to propel Costco’s impressive revenue growth in December 2023.
Costco’s Revenue Growth in December Compare to Previous Years
Costco’s revenue growth in December 2023, with a nearly 10% increase to $26.15 billion, demonstrates a robust performance compared to previous years. In 2022, the annual revenue was $242.29 billion, marking a 6.76% increase from the previous year.
This indicates a significant acceleration in revenue growth in December 2023 compared to the annual growth rate. Similarly, the quarterly revenue growth in the first quarter of 2023 was also strong, further highlighting the exceptional performance in December 2023.
What Other Retailers had Strong Revenue Growth in December
Costco Wholesale had strong revenue growth in December 2023, with a nearly 10% increase in revenue from the previous year. However, the search results do not provide information on other retailers that had strong revenue growth in December.
One article by RIS News mentions that online retail sales experienced a significant year-on-year growth of +6.3%, outpacing in-store sales, but it does not provide specific information on retailers.
Another article by The Street reports that U.S. holiday retail sales (minus auto sales) rose 3.1% year-over-year in the period between Nov. 1 and Dec., but it also does not provide information on specific retailers.
Therefore, based on our research, it is unclear which other retailers had strong revenue growth in December 2023.