Costco Comparable and Same Store Sales By Segment

Wholesaler. Pexels Images.

This article presents Costco’s comparable sales and the YoY growth rates in net sales by segment. Costco’s net sales are merchandise sales generated from sales of goods in warehouses and online platforms.

For a more detailed explanation of Costco’s net sales, you may find more information here: Costco’s net sales. Keep in mind that Costco’s net sales exclude the revenue from membership fees.

The comparable sales and revenue growth of Costco’s e-Commerce segment are also discussed here, but you may find more information about Costco’s online revenue results here: Costco’s online revenue and comparable sales.

Let’s look at the numbers!

Investors interested in other Costco’s key statistics may find more resources in these pages:

Revenue

• Costco revenue by category: foods, non-foods, fresh foods, etc.,
• Costco revenue by category: merchandise sales and membership fees,
• Costco revenue by region: U.S., Canada, and International,

Other Revenue Streams

• Costco gas station numbers and gasoline revenue,
• Costco e-commerce revenue and e-commerce comparable sales,

Profit Margin & Financial Standing

• Costco profit margin breakdown: U.S., Canada, and International,
• Costco financial position: debt due vs liquidity,

Comparison with Walmart

• Costco vs Walmart: profit margin,
• Costco vs Walmart: profit in the U.S. and International segments,
• Costco vs Walmart: total stores and average store size,

Other Statistics

• Costco total stores worldwide and in the U.S., Canada, Mexico, etc.,
• Costco headcount analysis: total employees and employee by region,

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Net Sales: Costco’s net sales refer to the revenue generated from the sale of goods available in its warehouses and online platforms.

This includes a wide range of products such as groceries, electronics, clothing, furniture, appliances, and more. Net sales represent the bulk of Costco’s revenue, as the company operates on a membership-based wholesale model, offering competitive pricing to its members by maintaining low margins and high sales volume.

Costco’s sales are often broken down into categories like food and sundries, fresh foods, hardlines (e.g., hardware, electronics), softlines (e.g., apparel, home goods), and ancillary businesses like gas stations and pharmacies.

Comparable Sales: Costco defines its comparable sales as net sales (merchandise sales) from warehouses open for more than one year, including remodels, relocations and expansions, and sales related to e-commerce sites operating for more than one year.

In general, comparable sales, often referred to as “same-store sales,” measure the performance of a retailer by examining sales from stores that have been open for a certain period (usually over a year) and excluding any newly opened, closed, or acquired locations. This metric provides a clear picture of organic growth and helps investors and analysts assess a company’s operational efficiency and customer demand within existing stores.

It ensures that growth results from increased sales activity rather than external factors like new store openings or acquisitions. Comparable sales are a critical metric for retail companies like Costco, as they reflect how well the company retains and attracts customers, drives repeat business, and responds to market trends.

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What contributes to the consistent performance in Costco’s comparable sales?

Costco’s consistency in comparable sales is built on a strong foundation of strategic practices and operational strengths. Here’s the analysis:

• Membership Model: Costco’s membership-based structure ensures a loyal and recurring customer base. Renewal rates are impressively high, often exceeding 90%, showcasing the satisfaction and retention of its members. Membership fees also contribute directly to Costco’s profitability, enabling it to maintain lower prices on merchandise—a key driver for consistent foot traffic and sales growth.
• Value Proposition through Competitive Pricing: Costco’s business model centers on offering products at lower margins, with high turnover. Bulk purchasing and robust supplier relationships enable Costco to keep costs down, delivering competitive pricing to its customers. These savings translate into a compelling value proposition for shoppers, especially in challenging economic environments, making Costco a dependable choice for households.


• Product Selection and Private Label Brands: Costco’s curated product mix balances essential commodities like groceries and fresh produce with discretionary items such as electronics and apparel. The focus on quality and variety ensures broad appeal across demographics. Its private-label brand, Kirkland Signature, is a standout performer that drives loyalty and differentiates Costco from competitors. Kirkland products are often priced lower than branded alternatives while maintaining high quality.
• Operational Efficiency: Costco’s streamlined operations emphasize warehouse simplicity, bulk packaging, and minimal advertising costs. These practices enable the company to run efficiently and focus resources on delivering customer value. Its low-cost structure and emphasis on scale help Costco maintain consistent margins while driving comparable sales growth.
• E-commerce Expansion: Though Costco’s e-commerce channel contributes a smaller percentage of its overall sales compared to physical warehouses, it plays a growing role in driving comparable sales. Online sales continue to rise, supported by expanded product offerings and delivery services. Integration between digital and physical channels ensures Costco retains relevance in a shifting retail landscape.
• Global Presence: Costco’s expansion into international markets has created new revenue streams and reinforced its comparable sales performance. By adapting its model to local preferences, while maintaining its core values of quality and savings, Costco successfully resonates with a broader global audience.
• Membership Experience Enhancements: Services such as optical centers, pharmacies, and fuel stations add value beyond merchandise shopping, ensuring customers view Costco as a one-stop destination. These ancillary services also contribute to loyalty and repeat visits, positively influencing comparable sales.

These factors collectively create a powerful system that drives Costco’s consistent performance in comparable sales.

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Insight & Summary of Costco’s Changes in Comparable and Net Sales

The following analysis consolidates the trends observed across Costco’s changes in comparable and net sales for the 2016–2025 period.

• Costco’s topline performance demonstrates remarkable structural resilience and consistent organic expansion across all geographic segments. Over the latest three periods, the Total Company delivered a reliable 6.7% average growth in net sales and a 6.3% average comparable sales growth (excluding the impact of foreign exchange and gas).

• The United States remains the foundational anchor, compounding its massive revenue base with a 6.7% average net sales growth and a 5.3% FX/Gas-adjusted comparable growth over the last three years. This underscores a highly defensive domestic moat characterized by exceptional member loyalty and volume-driven pricing power, which insulates the business from macroeconomic volatility.

• On the global front, Costco is executing a highly accretive international expansion. Both Canada and the International segments dramatically outperformed the U.S. on a pure comparable basis (excluding FX and gas), each delivering an exceptional 8.0% average comparable sales growth over the latest three periods.

• The International segment further distinguishes itself as the company’s premier growth engine, leading the portfolio with an 8.7% average net sales growth recently.

• Concurrently, the E-Commerce channel, despite undergoing post-pandemic normalization, has restabilized into a powerful supplementary driver. Averaging 9.0% FX/Gas-adjusted comparable growth over the last three years — including back-to-back 16.0% surges in 2024 and 2025 — the digital segment proves Costco can successfully capture omnichannel demand without diluting its core warehouse economics.

The table below combines Costco’s changes in comparable and net sales by region into a single view for the latest three fiscal years.

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United States – Changes in Comparable and Net Sales

The definition of Costco’s comparable sales and net sales is available here: comparable sales and net sales.

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Canada – Changes in Comparable and Net Sales

The definition of Costco’s comparable sales and net sales is available here: comparable sales and net sales.

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International – Changes in Comparable and Net Sales

The definition of Costco’s comparable sales and net sales is available here: comparable sales and net sales.

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Total Company – Changes in Comparable and Net Sales

The definition of Costco’s comparable sales and net sales is available here: comparable sales and net sales.

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e-Commerce – Changes in Comparable and Net Sales

The definition of Costco’s comparable sales and net sales is available here: comparable sales and net sales.

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References and Credits

1. All financial figures presented were obtained and referenced from Costco’s annual reports published on the company’s investor relations page: Costco Investor Relations.

2. Pexels Images.

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Disclosure

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