Key Takeaways
- Costco Wholesale announced a rise in March sales and a boost to its quarterly dividend after the market closed on Wednesday.
- Costco reported net sales for March at $23.48 billion rose 9.4% from a year earlier, while year-to-date sales as of April 7 were up 6.4% from the same period the prior year.
- Costco also hiked its quarterly dividend to $1.16 from $1.02 per share.
- The sales report comes amid a leadership transition as Gary Millerchip takes over as CFO from Richard Galanti, who held the position for nearly 40 years.
Costco Wholesale (COST) announced a rise in March sales and a nearly 14% boost to its quarterly dividend after the market closed on Wednesday.
Costco reported March net sales of $23.48 billion, a 9.4% increase from the $21.46 billion recorded in the same period in 2023. Year-to-date sales as of April 7 came in at $146.64 billion, a 6.4% jump from the same period the year prior.
The retailer said that its March sales numbers were positively affected by the Easter holiday falling in the month, resulting in around a 0.5% boost.
The company also announced an increase in its quarterly dividend to $1.16 from $1.02 a share.
The sales report comes amid a leadership transition as Gary Millerchip takes over as chief financial officer (CFO) from Richard Galanti, who held the position for nearly 40 years. The transition has sparked speculation that Millerchip could potentially retire the company’s monthly sales reports.
Costco shares were 0.6% higher after the bell on Wednesday, trading at $727. The stock has gained about 10% since the start of 2024.