Costco reported a surge in sales in September and early October, driven by shoppers bracing for Hurricane Helene and a looming U.S. port strike.
In its monthly update, the retailer noted that U.S. sales rose 2 percent and global sales rose 1.5 percent.
The unusual spike in sales came as customers rushed to buy necessities like toilet paper and bottled water ahead of the hurricane and port strike.
Most of the increase in sales occurred in the last week “due to abnormal consumer activity associated with Hurricane Helene and port strikes.”
An anomaly in Costco’s accounting, the retail month of September ended on October 6.
Costco saw “abnormal consumer activity” driven by shoppers preparing for Hurricane Helene and an impending US port strike.
Many residents rushed to pick up essential food and groceries after a state of emergency was declared in Florida, and empty shelves were seen in stores across the state.
Although Hurricane Helene had passed and the strike lasted from October 1 to 3, the increase in demand had a measurable impact on Costco’s overall sales.
Dockworkers closed 36 ports from Maine to Texas on April 1, raising fears of shortages of food and essential items.
That led to panic buying by Americans. before it was canceled two days later.
In addition, Hurricane Helene, which hit the southeastern United States and claimed more than 185 lives, caused those in the affected areas to also stock up.
Then Hurricane Milton hit this week, killing at least 16 people.
Meanwhile, Costco has reduced prices on several of its popular grocery products.
The wholesale retailer said it had reduced the cost of Kirkland Signature products, including chicken and olive oil, by up to 13 percent.
Costco is the latest company to enter the so-called “price war” on food, after Walmart, Target and Aldi reduced costs for consumers earlier this year.
Americans are feeling increasing pressure as high inflation has eroded household budgets.
