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CLAIM #16749 · Costco Wholesale Corp (COST) · 2023Q3 earnings call · May 26, 2023 · due May 26, 2028

We think we can certainly do more online. We don't have some strategic goal to go from 8%, which is still a $20 billion business, but to go from 8% of sales to 16%. But let's go from 8% to 9% to 10%, 10% to 11% over a certain period of time.

Richard Galanti · CFO

PENDING
graded after results covering May 26, 2028 are reported

How to check this claim

Look at: E-commerce sales as a percentage of total company net sales, annual

It came true if: Online penetration >= 9% of total sales (progress from 8% baseline toward 10-11%)

Where: Company-disclosed e-commerce sales figures (10-K / annual shareholder letter / earnings call commentary)

In context

e've been somewhat simple, in our own arrogant way, over the years. One of the things we've done, as I mentioned earlier, on the question that John, I think, had, forget about personalization, even target marketing, I view it now as some low-hanging fruit that we're finally going around to do over the next couple of years. So that will be a positive to us relative to others. In terms of the benefit of buying online and picking up in store and things like that, we, frankly, view that as more costly than it is beneficial. And again, we haven't been asked a lot about it other than by analysts who are responding, in fairness, to the different retailers that feel they have to do it. Many of them want to do it. But there's a cost of doing that. So we feel pretty good about driving the business. We think we can certainly do more online. We don't have some strategic goal to go from 8%, which is still a $20 billion business, but to go from 8% of sales to 16%. But let's go from 8% to 9% to 10%, 10% to 11% over a certain period of time. And we think that, with some of the things we're doing on that side, we can. I think we've also done an incredible job, day in and day out, on the merchandising side of bringing in more exciting items. And that's something that is focused on that I hear about at every budget meeting and every Monday morning meeting with Greg and Ron and a few other senior colleagues, including our merchandising head. So I think that's what's going to keep driving our business. I think we are getting better on the technology side. Playing from behind a little bit on that, but I think we've finally got a game plan and some people that are helping build those areas up both from a marketing and advertising standpoint, taking advantage of the advertising dollars that are out there that we've done pretty well d

Verify independently

SEC filings for COST · Claim quote is verbatim from the 2023Q3 earnings call.