Costco Sees First Sales Decline Since the Recession
For the first time since the recession, Costco has reported a drop in sales. The coronavirus pandemic prompted Costco to make big changes, including reducing store hours, limiting the number of customers allowed in stores at one time, and rationing certain high-demand items. The dip in sales comes after a huge surge of panic buying. Now, with coronavirus-related restrictions in place, Costco is seeing sales dwindle.
In a statement, the company said that net sales were down 1.8% in April versus the year before, adding that sales during this period were “negatively impacted by COVID-19.”