Costco Wholesale Corporation Reports December Sales Results

Total Company net sales for the three months ended October 31, 2022, increased 3.9% over the same period last year to a record $1.18 billion. Total Retail segment net sales increased 2%, with comparable Retail segment net sales increasing 4%, partially offset by a 2% negative impact of foreign currency translation. The increase in Retail segment comparable net sales was driven by mid-single-digit positive digital channel sales and low single-digit positive retail store sales. By brand, comparable Retail segment net sales increased 13% at the Anthropologie Group and 8% at the Free People Group and decreased 9% at Urban Outfitters. Wholesale segment net sales decreased 3%, driven by a 4% decrease in Free People Group wholesale sales, partially offset by a 6% increase in Urban Outfitters wholesale sales. Nuuly segment net sales increased by $22.6 million driven by a 185% increase in our subscribers during the quarter versus the prior year’s comparable quarter. For the nine months ended October 31, 2022, total Company net sales increased 6.0% compared to the same period last year. Total Retail segment net sales increased 5%, with comparable Retail segment net sales also increasing 5%.

A study conducted by consulting firm PwC confirms what a many publishing leaders already know: As advertising and circulation revenues decline, diversification becomes a business imperative. “Advertising for print is down. Circulation is down. Revenues are projected to be flat,” says PwC partner Greg Boyer. “To make up for these declines, magazine publishers need to innovate in a variety of ways.” In particular Boyer sees mobile and video as a bright spot for the publishing industry. According to the Global Entertainment and Media Outlook 2017-2021 report released in June, the compound annual growth rate (CAGR) for magazine circulation and advertising revenue over the next five years is 0.19%. In terms of dollars, that’s a mere $300 million increase, approximately, in industry revenue.

In the last full shopping week before Christmas, unit sales of print books rose 5.2% over the week ended December 12 at outlets that report to NPD BookScan. But unlike many weeks in 2020, unit sales fell compared to 2019, with unit sales down 3.5% from the week ended December 21, 2019. The adult segments led the gain over the week ended December 12. Unit sales of adult nonfiction increased 10.3% over the prior week as Barack Obama’s A Promised Land remained the top-seller, selling more than 327,000 copies. Since its release November 17, the memoir has been the #1 selling book in the country every week and has sold over 2,254,000 copies at outlets that report to BookScan.