Costco's October Same Store Sales Scary
First, I doubt that there is another CAPs player who loves Costco's business and business model as much as I do. I dub myself a Costcologist. Due to the tightening economy, more and more people are stepping up, paying their membership fee, and moving their staple purchases to Costco. It is amazing how many grocery only carts you see exiting the stores these days.
Here is October Sales figures from Market Watch:
The comparable sales, reflecting revenue from stores open at least a year to eliminate the effects of newly opened and closed outlets, rose 2% in the U.S......
2%?????? How can that be?????? The cost of so many different food items is up 20-30% and more!!!!!!!! It appears that much of the dollars that would have been spent on non food items is being eliminated and a greater concentration of money is being spent on groceries and not much else.
It will be interesting to see how the other retailers report today.