Costco (COST) shares are trading higher today following the company’s March 2021 sales report, which topped investor expectations. Comparable sales rose +13.9% but were dwarfed in terms of growth by eCommerce sales which improved +57.7%.
Mentions of users ordering groceries from COST have slid well below the highs seen at the height of the pandemic, but a “new normal” has emerged: CostcoGrocery Delivery Mentions are trending +130% higher than their 2019 levels on a 90-day moving average.
The +57.7% YoY increase in eCommerce revenue for the 5 weeks ended April 4 represents a slight drawdown from the +77% YoY increase for the 31-week period ended the same date.
Costco has embraced digital sales channels, but tough comps are on the horizon, and it will need to continue expanding its eCommerce footprint to maintain its double-digit growth rate going forward.