Recall, Costco‘s reporting structure is different from most public companies. In an era when quarterly reporting has become the norm, Costco stands out as one of the few who reports sales results each month in addition to regular earnings reports. We value this transparency because it informs investors about how things are going.

In four weeks, net sales increased by 15.7% compared to the same period last year and amounted to 18.13 billion dollars. A strong result, but sales in the same store (also known as comparable sales, or comps) is an indicator we want to focus on because it gives a better idea of ​​business trends.

Total comparable sales rose 14.1% in November, with no estimates of 15%.
Analyzing comparable sales helps us understand whether a company can attract more customers and sell them more goods.
In the Costco report you will also notice the second dimension of comparable sales. Another computer eliminates the impact of price changes on gasoline and foreign exchange. We view them as “core kits” because they eliminate the impact of items that are beyond the company’s control. We believe that the main compositions tell a better story.

During this period, the total core volume of Costco increased by 9.2%.
In the United States, core competencies grew by 9.1%, with no estimates of 11.4%. while Canada grew 7.6% and Other International grew 11.3%.
Online sales growth slowed while e-commerce core computers grew 11.7%, but keep in mind that the company is still facing complex comparisons from a year ago.

Bottom line: Costco posted another strong monthly sales result, but unfortunately the retailer broke off its winning streak with performance better than expected. At some point a small mistake was about to happen, and we consider it nothing more than expectations that are becoming too bullish.

Given that core computers still grew by about 9% of the company’s total in November, we see no reason to change our thesis that Costco is acquiring new customers and taking market share.

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