Costco Wholesale March Sales Up 11%

(RTTNews) - Costco Wholesale Corp. (COST) Wednesday reported an 11% increase in sales for March, as customers continue to buy more and more groceries due to the ongoing COVID-19 pandemic.

Sales for March was $15.49 billion, an increase of 11.7 percent from $13.87 billion last year.

For the thirty-one weeks ended April 5, 2020, the company reported net sales of $96.25 billion, an increase of 9.0 percent from $88.29 billion during the similar period last year.

Comparable sales for March rose 9.6%, with US comps up 10.7% and Canada comps up 1.2%.

Panic buying and stockpiling by shoppers for grocery and household necessities helped sales increase in March. Going forward, sales are expected to increase as customers will continue to shop for groceries as the coronavirus outbreak continues.