Posted on 03/06/2020 5:29:27 AM PST by BenLurkin
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.
Sales at Costco in February were up 12.4% from a year ago. The company attributed around 3% of that to “an uptick in consumer demand” from concerns over coronavirus.
Shoppers have posted pictures on social media in recent days of lines snaking around Costco stores. They have also posted pictures of shelves empty of sanitizers at Costco, Walmart, CVS, Walgreens and other drug stores.
Shares of Costco, Walmart, other big-box chains and grocers have rallied this week as investors flock to stocks that are seen as benefiting from coronavirus fears.
“As consumers prioritize a dwindling number of trips to stores, [Costco] will likely be at the top of the list,” UBS analyst Michael Lasser said in a note to clients Wednesday. “Over the long-term, we think the stock-ups will help accelerate [Costco’s] share gains.”
(Excerpt) Read more at ktla.com ...
Sure, and when the panic has faded, sales may drop because many will have too much of he basic supplies.
Well, at least a bit of good news for business out of all this at least.
Haven’t seen any panic shopping in my area. OTOH I haven’t really been looking for it. My tentative theory is it’s mainly a blue state thing, a way of expressing TDS.
“sales may drop because many will have too much of he basic supplies.”
—
Supplies run out, people buy more. This is a good cash influx when the businesses need it. I suspect they’ll take the money with smiles.
I’m in purple Florida, NW part which is red, and I would say that I have seen mild panic shopping here, at least compared to when a strong hurricane is in the area. It’s not at that level yet, from what I have seen.
Some things are missing from shelves, like my cat’s favorite food! I’m in deep trouble, I’ve failed her.
as with everything there will be winners and losers
So toilet paper will save the day?
Nah.
Just pay someone to go online to “scare” up some more business.
I am certainly stocking up big time.
Yesterday I bought a 24 pack of Diet Mountain Dew instead of the usual 12 pack.
I’m in it for the long haul.
That is just about the exact look on her face too. Just kind of watching with contempt and plotting.
“So toilet paper will save the day?”
— (Read it and we....er...wipe)
Yes! Read it and weep....er...wipe!
‘Australian paper prints extra pages to help with coronavirus toilet paper shortage”
https://nypost.com/2020/03/05/australian-paper-prints-extra-pages-to-help-with-toilet-paper-shortage/
How will buying stuff help you when you get the coronavirus?
I guess being surrounded by gallons of water and toilet paper will sooth you. I would much rather have medicine.
Sams is getting ripped off here in terms of coverage. Everyone is posting about Costco
Let me tell you, there are going to be some very angry, ANGRY people if they cannot get their Mountain Dew.
I am a former soft drink addict, I only drink water, unsweet tea and milk now, but back in the day I used to main line Diet Coke.
I have several friends who are Mountain Dew onry people, and let me tell you how they love their Mountain Dew. That is their go to drink always. I’m worried for them and those around them if it becomes scarce.
I’ve seen pictures of what’s been going on at Costco recently, and there is nothing like that here in Southland yet. It could get that way, but we ain’t quite there yet.
I think people around here slowly start socking for Hurricane season, and that’s what we’ve mostly been doing.
If corona turns out to be a bust, our supplies will double for Hurricane Season and Election Season 2020.
Gonna be a fun year, you and your furbabies stay safe, Sal!
“How will buying stuff help you when you get the coronavirus?”
—
I believe the reasoning is that you’re feeling fine, but things won’t be available, at least for awhile and you’d rather not go foraging in the middle of a zombie apocalypse for a roll of Scott’s double layer.
Also, people are thinking about their families having enough to last a couple weeks. Not a bad idea, end of the world or no end of the world.
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