Costco Wholesale Corporation Reports January Sales Results

Bookstore sales continued their strong rebound from the lows of spring 2020. According to preliminary estimates released by the U.S. Census Bureau, bookstore sales soared 130% in May over May 2020, rising to $632 million. Last April and May saw the weakest bookstore sales performances of 2020, with sales in May 2020 totaling just $275 million. Compared to May 2019, May sales this year were down 9.2%.

Net sales for the first quarter of fiscal 2019 decreased 9.2% to $371.9 million, compared to $409.5 million for the first quarter of fiscal 2018. Company comparable sales decreased 8.2% versus the year-ago period. The Company operated 997 stores at the end of the quarter, a decrease of 19 from the first quarter of fiscal 2018. Gross profit for the first quarter of fiscal 2019 totaled $120.1 million, or 32.3% of net sales, compared to $151.6 million, or 37.0% of net sales, for the first quarter of fiscal 2018. Click Read More below for additional information.

Fiscal 2022 first quarter revenues grew 2 percent to $709 million. Looking more closely at the quarter: *Digital revenues grew 24 percent to $200 million. Performance was led by strong 29 percent growth in digital advertising revenues. Meredith continues to benefit from its proprietary technology platform that brings together strong content and trusted brands, unique taxonomy, and first party data. Digital consumer revenues grew 24 percent, with performance driven by Apple News+ and performance marketing via retail partners, including Walmart, Amazon, and Target. *Magazine revenues declined 2 percent to $305 million. Magazine consumer related revenue, which accounted for nearly two-thirds of the segment's revenue, grew 6 percent, driven by newsstand and subscription revenue performance. Magazine advertising revenues declined as expected, due primarily to the food, prescription drug, and beauty categories, which continue to be adversely impacted by current economic conditions including ongoing work-from-home protocols and supply chain disruptions. *Local Media Group revenues declined 7 percent to $209 million. As expected in a non-political year, political spot advertising revenues were lower at $5 million compared to $52 million. Non-political spot advertising revenues grew 24 percent, reflecting a lack of political advertising crowd out, and driven primarily by gaming, professional services, and home categories. Retransmission revenue growth was driven primarily by annual escalations.