Costco April Sales Beat Estimates Despite Easter Shift, Macro Uncertainty

• After adjusting for Easter timing, US comparable sales excluding gas and foreign exchange rose 6.3% in April, down from 7.7% in March, though two-year stacked comparisons improved
• Gasoline business drove strong ancillary performance with growth in the low-40% range, as average worldwide gas prices increased 26.7% year-over-year and added 320 basis points to total comparable sales
• E-commerce remained a bright spot with digitally enabled comparable sales rising 18.4% excluding foreign exchange, while regional strength came from Midwest, Southeast, and Northeast US markets

Costco April Sales Summary

Key Performance Metrics:

Costco reported strong April sales results for the four weeks ended May 3, 2026, with total sales growth of 13%. US comparable sales excluding gas rose 8%, while total company comparable sales (excluding gas and foreign exchange) increased 7.8%.

Easter Timing Impact:

Adjusting for the Easter calendar shift, US comparable sales excluding gas and foreign exchange rose 6.3% in April, down from March's 7.7% increase. However, Bank of America noted improved two-year stacked comparisons. Average ticket growth slowed to 3.4% from 4.6% in March, which had benefited from pre-Easter purchasing activity.

Analyst Rating:

Bank of America reiterated its Buy rating with a $1,185 price target, citing Costco's consistent comparable sales performance and "philosophy of leading with value" despite macroeconomic uncertainty.

Gasoline Business Strength:

Gasoline sales showed exceptional momentum, growing in the low-40% range. Gas price inflation added approximately 320 basis points to total comparable sales growth, with average worldwide selling price per gallon up 26.7% year-over-year. Ancillary comparable sales (including gas) reached mid-30% growth for March-April combined.

Category Performance:

Non-foods showed mid-to-high single-digit growth, while Food and Sundries remained at low-to-mid single-digit growth. Fresh category sales slowed slightly. Food and Sundries inflation stayed in low-single digits, partially offset by egg and dairy deflation.

Regional and Digital Performance:

Strongest US performance came from Midwest, Southeast, and Northeast regions. Canadian comparable sales accelerated to 7.6% (excluding gas and FX). E-commerce remained robust with 18.4% growth in digitally enabled comparable sales.