Costco says it’s getting a lift from coronavirus panic shopping
CNNNew York CNN Business — Costco logged strong sales growth during its latest quarter, as shoppers raced to stock up on cleaning products, household essentials and food as the coronavirus outbreak spread. The company said Thursday that sales at its stores open for at least one year, a key metric, increased 9.1% during its previous quarter compared with the same period last year. “Members are turning to us for a variety of items associated with preparing for and dealing with a virus,” Costco CFO Richard Galanti told analysts on a call. “Over the long-term, we think the stock-ups will help accelerate share gains.” Cleaning product manufacturers like Clorox and consumer goods’ companies such as Campbell Soup have also reported an increase in demand for their products in recent weeks.
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