Costco beat expectations for its fourth quarter Thursday, including a near-doubling of its e-commerce sales.
Analysts say that Costco's high membership renewal rate and success with delivery are key to keeping customers coming back, though UBS says pick-up options may be an inevitable part of Costco's future.The pandemic has forced many retailers to step-up their delivery and pickup game as more shoppers avoid going into stores during the COVID-19 pandemic.
"We don't have our head in the sand on it," Galanti told analysts of pick-up orders. "We look at it. We have people here that study it. And maybe we'll surprise you one day." Galanti admitted that Costco "may occasionally be stubborn" on implementing a new strategy, including e-commerce. But that stubbornness hasn't phased Costco shoppers, Cowen analyst Oliver Chen wrote in a note Friday.
New customers, meanwhile, are signing up as members thanks in part to Costco's delivery options, Galanti said Thursday. Costco offers delivery on grocery items, including both same-day service for fresh foods through Instacart as well as two-day shipping on dry goods.
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