In-store purchases increase Costco’s revenue
The Costco store chain’s quarterly results for the first quarter of 2022, released Thursday, December 9, were better than initially expected, with quarterly revenues up 16.6% in the quarter ending November 21 for a total of $ 50.36 billion.
This was ahead of the estimate of $ 49.60 billion. The Costco statement said the company’s net profit was $ 1.32 billion, up from $ 1.16 billion last year.
Reuters reported that supply chain issues, including consistently congested ports and a shortage of truck drivers, have resulted in delays in things like toys and other seasonal items.
Costco CFO Richard Galanti said some inventory “won’t be available until Christmas” and the company has tried to manage that as best it can.
Many retailers have had to scramble to meet demand for the holidays, with Reuters noting that these retailers have used strategies such as using air freight and ordering products well in advance.
At the same time, consumers have returned to physical stores, with more vaccines and fewer COVID-19 restrictions. Costco offers a variety of products, from jewelry to bulk groceries, and the company’s business model supports a warehouse shopping experience.
However, Costco was one of the companies that suffered from potential data breaches this year, with the company notifying customers in November that their payment information may have been retrieved through a credit card skimmer in one. some stores.
The company located the skimming device during a routine staff check, removing the device and alerting law enforcement. PYMNTS writes that customers could have had their data stolen if fraudsters had accessed it before the device was removed.
Because of this, Costco said customers should keep an eye on bank and credit card statements for unexpected changes they haven’t made, and said they should report any unauthorized activity.
See also: Credit card skimmer leads to Costco data breach
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