Costco Says Late Thanksgiving Weekend ‘Negatively Impacted’ Online Sales | Global News Avenue

Costco (cost) said its e-commerce sales in November were hit by: This year’s Thanksgiving weekend is a week later than last year, affecting year-over-year comparisons.

The popular wholesaler said e-commerce sales in November were “negatively impacted by approximately 15 percentage points” due to Thanksgiving, Black Friday and Cyber ​​Monday being a week later than last year.

This year, the five days from Thanksgiving to Cyber ​​Monday are November 28 to December 2. Last year, this time period dropped significantly in November, from the 23rd to the 27th.

Costco said its total and comparable sales were “negatively impacted by approximately one-half percent due to the shift in e-commerce sales.”

Oppenheimer and JPMorgan bullish on Costco

Still, Oppenheimer analyst Rupesh Parikh called Costco a “top pick,” adding that the brokerage views the wholesaler’s potential stock split as a “positive catalyst”.

“From here, we believe continued strong performance in the discretionary business and momentum in groceries should help maintain healthy top-line momentum,” Parikh said. additional. The brokerage has an overweight rating on the stock with a price target of $980.

JPMorgan analysts raised Costco’s price target to $1,090 from $945 and maintained an overweight rating. Analysts noted that while the Black Friday date change had an overall impact on wholesalers, its “core trends” were “exceeding expectations and quite strong.”

Costco shares fell about 0.84% ​​after opening on Thursday, but have risen about 50% this year.