Costco has reported eCommerce earnings for the fourth quarter increasing 11.2% year over year and 44.4% for its fiscal year, according to a press release.
Costco Executive Vice President and Chief Financial Officer Richard A. Galanti said the company has seen its mobile app surge to over 10 million downloads.
“It’s continually improving with additional features coming soon,” he said, per a transcript of a Thursday (Sept. 23) earnings call. “Digital payment using the Costco credit card — it’s in pilot in several locations with full rollout by the middle of next month. The ability to view warehouse receipts online also [will happen] next month. … And by October end, when we [will have] an improved mobile site, improved look and feel, a new landing page and expanded information both for dot-com use and for enhanced warehouse information.”
Costco saw net sales for the quarter increase by 17.5% to $61.4 billion, according to the release. This was an increase from the $52.3 billion in 2020. Net sales for the fiscal year were up 17.7% to $192.1 billion, which was an increase from $163.2 billion in 2020.
The fourth quarter of 2020 was impacted negatively by the higher expenses from the pandemic, which increased wages and sanitation costs, the release stated. In addition, the company’s net income was $1.67 billion, compared to $1.39 billion from the previous year.
Costco, alongside fellow wholesaler Sam’s Club, announced earlier this year that it would be bringing back samples of food to its stores after temporarily discontinuing them due to the pandemic.
Advertisement: Scroll to Continue
Read more: Sampling Returns as Food Prices Hit Decade-Long High
Costco announced the development during a May earnings call and said it would be happening “in waves.”
