Costco reported fourth-quarter e-commerce profits up 11.2% year-over-year and 44.4% for its fiscal year, according to a press release.
Costco executive vice president and chief financial officer Richard A. Galanti said the company has seen its mobile app reach more than 10 million downloads.
“It is continually improving with additional features to come,” he said, according to a transcript of a results call Thursday (September 23). “Digital payment using the Costco credit card – it’s piloting in several locations with full roll-out by the middle of next month. The ability to view warehouse receipts online as well [will happen] next month. … And at the end of October, when we [will have] an improved mobile site, improved look and feel, a new landing page and extended information for both dot-com use and for improved warehouse information.
Costco saw its net sales for the quarter increase 17.5% to $ 61.4 billion, the statement said. This is an increase from $ 52.3 billion in 2020. Net sales for the year increased 17.7% to $ 192.1 billion, an increase from 163 , $ 2 billion in 2020.
The fourth quarter of 2020 was negatively affected by increased spending related to the pandemic, which increased wages and remediation costs, the statement said. In addition, the company’s net profit was $ 1.67 billion, up from $ 1.39 billion the previous year.
Costco, alongside another wholesaler Sam’s Club, announced earlier this year that it will be returning food samples to its stores after temporarily shutting them down due to the pandemic.
Read more: Sampling returns as food prices peak for a decade
Costco announced the development on an earnings call in May and said it would come “in waves.”