Costco’s September net revenue was $30.02 billion, and e-commerce sales rose 19%.

Impact level

⚪ Background

⚠ Risk:Data from a single month and retailer cannot be generalized to the overall consumer market. E-commerce profit margins and category sales volumes are unknown.

What happened

AMZ123 reported on October 12, 2026, that Costco’s September net sales through October 4 were $30.02 billion, up 13% year over year, and e-commerce sales grew 19%. Global comparable sales grew 11.4%, or 7.6% excluding the effects of gasoline prices and foreign exchange rates. The timing shift in U.S. and Canadian Labor Day contributed slightly more than 50 basis points to the sales growth rate. [1]

Involves:Gift cards、Home furnishings、Sporting goods、Gasoline

Seller impact

• InferenceAt the macro level, adjusted comparable sales continued to grow, and traffic increased 4.7%, supporting the view that channel demand is improving. However, gasoline prices, foreign exchange rates, and calendar effects boosted the nominal growth rate, so it cannot be used to infer overall inflation or consumer trends. [1]
• InferenceAt the micro level, stronger performance in home furnishings and sporting goods can serve as a lead for verifying demand. E-commerce growth does not prove that third-party seller orders, pricing power, or cash flow have improved. Without data on procurement costs, inventory, and profits, there is no basis for raising prices or stocking up. [1]

Evidence that would disprove the assessment

• Assessment 1：Recheck the original disclosure over the next two weeks. If adjusted sales or traffic are no longer growing in a revised report, the assessment that channel demand is improving would no longer hold.
• Assessment 2：Verify the category disclosures over the next two weeks. If the company officially revises its reported performance in home furnishings and sporting goods, the related demand signal would no longer hold.