Costco sales up as the U.S. continues reopening efforts

Myles Udland and Brian Sozzi discuss Costco sales going up 16.6% in July as stores continue to see an uptick in customer traffic.

Video transcript

BRIAN SOZZI: Can We took Costco real quick? July sales.

MYLES UDLAND: You talk Costco.

BRIAN SOZZI: Costco out with--

MYLES UDLAND: A non-earnings result on an earnings call.

BRIAN SOZZI: Very exciting. I'm goin to dump it all in here. Why not? July same store sales for Costco out last night, up 13.8% year over year, down 30 bips, or basis points, month over month. The core same store sales, which strips out gas and currency, up 8%.

Key takeaway here is the mighty Costco is starting to see a sales slowdown or a deceleration because people are back out there in the wild. They are going out to eat. They're may maybe stocking up less on Costco. We've heard this before all week from your fine friends at Clorox and Procter & Gamble, Kimberly-Clark.

MYLES UDLAND: I don't think I have friends at Clorox.

BRIAN SOZZI: Maybe not. We also heard it from Kellogg with its earnings report this morning too. But still, all things being considered, Costco shares should be up right now, as they are. This was another good month from this company. Not many in retail are putting up these type of numbers month over month.

MYLES UDLAND: Full disclosure, didn't make it to Costco in July. You know why? I have to come back to the office. I don't have time anymore. You know what I'm not doing? I'm not going to Costco on a Saturday or Sunday if I can avoid it.

BRIAN SOZZI: Boomer dad. That's Boomer dad stuff.

MYLES UDLAND: Well, I'm not a dad yet, so I'm working on that.