Costco June Sales Have Everything to Do With Masks, Jim Cramer Says

Author:
Publish date:
Video Duration:
56

Another month, another reason to get excited over Costco stock.

Costco  (COST) - Get Costco Wholesale Corporation Report had quite the month In June, reporting net sales of $16.18 billion for the five weeks ending on July 5, an 11.1% increase from the same period last year. The result lifted the full year revenue total – so far - to 136.37 billion, an 8.1% increase.

U.S. comparable store sales also increased 11% for the month; 13.6% with gasoline and foreign exchange excluded.

Costco saw online sales surge 86.7% from last year as customers used its 'buy online, pick-up in store' option.

While Costco was among the few retailers to remain open during the whole of coronavirus economic shutdown, Jim Cramer has a theory why the warehouse retailer remains a standout among its peers.

Taking a break from his vacation, Cramer took to Twitter to theorize that Costco’s continued success has everything to do with safety and a certain mask policy. “People like to feel safe shopping.. Masks to Masks...” Cramer tweeted.

Though the move has garnered some controversy, Costco remains one of the few retailers to make the wearing of masks mandatory in all of its stores. Will other stores follow suits as states across the country mandate masks amid a resurgence of coronavirus cases? 

Watch More Videos From TheStreet and Jim Cramer:

Related Videos