Costco says coronavirus fears gave it a sales boost and stirred up ‘crazy’ demand
- Costco CFO Richard Galanti told analysts that members have been visiting locations to scoop up crucial supplies during the coronavirus outbreak.
- Those products include “dry grocery items, cleaning supplies, Clorox and bleach, water, paper goods, hand sanitizers,” Galanti said.
- As a result, the members-only warehouse chain saw an uptick in consumer demand in February.
- “The last week and a half has been quite good with the sales, but we’ll see what tomorrow brings,” Galanti said.
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Coronavirus may be wreaking havoc on the global economy, but it’s provided a nice sales boost to at least one prominent global retailer. Costco saw a spike in consumer demand in February, which the chain attributed “to concerns over the Coronavirus.”
In its latest earnings results, the company said the uptick in demand had a 3% “positive impact on total and comparable sales.”
Costco CFO Richard Galanti told analysts in the earnings call that the company was “keeping a close eye on the developments of the coronavirus,” specifically the safety of its members and employees, its operations, and its supply chain.
“Members are turning to us for a variety of items associated with preparing for and dealing with a virus such …continued .
[Source: Business Insider]