Costco Wholesale Corp. ecommerce sales grew at nearly twice the rate of net sales in Q3, which also marked the sixth consecutive quarter of double-digit year-over-year online growth.
Costco ecommerce sales grow more than 10% again in Q3
Related Posts
Amazon is working with government officials to head off a lengthy deal investigation. Amazon will re-file documents this week seeking government approval of its planned purchase of Whole Foods Market for $13.7 billion. The move will restart the process, giving U.S. antitrust enforcers more time to complete an early review of the retailers’ planned tie-up, according to the Wall Street Journal. Companies often use this tactic in the hopes that antitrust enforcers will get comfortable enough with their transaction during the extended initial review and agree to forego a longer probe. The government’s 30-day review period of the acquisition began on June 23, the Journal said. Click Read More below for more of the story.
Second Quarter Highlights: *Comparable sales were down 34.7% on an owned basis and down 35.1% on an owned plus licensed basis, due to faster paced store recovery than originally modeled and better than expected growth of digital business. *Digital sales remained strong, growing 53% over second quarter 2019. Digital sales penetrated at 54% of total owned comparable sales. *Delivered gross margin of 23.6%, an improvement of approximately 650 basis points from first quarter 2020 due to improved retail margins from mix and better sell through of clearance merchandise. *Inventory was down 29% from a year ago, allowing the company to exit second quarter in a clean inventory position. *Finished the quarter in a strong liquidity position with approximately $1.4 billion in cash and approximately $3 billion of untapped capacity in the company’s new asset-based credit facility.
The Book Manufacturers’ Institute (BMI) held its Annual Conference Nov. 5-7, 2017 at Turnberry Isle in Florida. The Annual Conference - attended by a number of book manufacturing companies as well as suppliers to the industry -- is the flagship event of the association where members go to learn and network. The Annual Conference is also where new board members are voted into the leadership of the association. At the event, Kent Larson of Bridgeport National Bindery, finished his two-year term as president of the BMI. Taking over for Larson is Jim Fetherston, who is President and CEO of Worzalla in Stevens Point, Wis. Not only is BMI seeing a change in its volunteer leadership, the association is also experiencing a change in its staff leadership. Dan Bach, a longtime industry veteran, has led the BMI as executive VP since 2009. Bach announced his retirement earlier in 2017 and the BMI set out to find his replacement. Click Read More below for additional information.