Costco Wholesale Corp. ecommerce sales grew at nearly twice the rate of net sales in Q3, which also marked the sixth consecutive quarter of double-digit year-over-year online growth.
Costco ecommerce sales grow more than 10% again in Q3
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Last week Penguin Random House reported that it had a 23.3% increase in profits in 2020 over 2019 on a 4.6% gain in revenue, capping a remarkable year for America’s five biggest trade publishers that report financial results. Despite the disruptions caused by the pandemic, all five had annual increases in both earnings and sales. Higher sales of e-books and digital audiobooks and solid gains of backlist titles helped drive the revenue and profit gains. Online sales also rose in the year, offsetting soft sales through bookstores due to pandemic-induced lockdowns. According to PRH parent company Bertelsmann, PRH US had a particularly good year and drove the overall gains for the publisher. PRH US accounted for just over 58% of PRH’s total revenue, or roughly $2.59 billion. In 2019, the U.S. represented 56% of PRH revenue (about $2.2 billion).
Costco Wholesale Corporation
announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2024, ended February 18, 2024. Net sales for the quarter increased 5.7 percent, to $57.33 billion, from $54.24 billion last year. Net sales for the first 24 weeks increased 5.9 percent, to $114.05 billion, from $107.68 billion last year. Net sales for the Company were negatively impacted by approximately one and one-half percent for the quarter and by approximately one-half percent for the first 24 weeks of fiscal 2024 from the shift of the fiscal calendar, as a result of the fifty-third week last year.
Wiley Education Services announced the signing of several new university partnerships this year including Calvin University, La Trobe University, Methodist University and University of New Haven, to support more than 45 undergraduate and graduate online programs across a variety of high-demand disciplines from healthcare to counseling and cybersecurity. “We are continuing to see an increased, proactive commitment to strategic online learning programs from universities, not for emergency support amid COVID-19, but to promote long-term success,” said Todd Zipper, President of Wiley Education Services. “We look forward to serving as a trusted partner to each university, delivering top-quality faculty training and career-focused education in subject areas that are critically needed now and will surely be essential to post-pandemic recovery.”