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Costco can't keep up with demand

Video credit: Reuters Studio
Published on March 6, 2020 - Duration: 00:57s

Costco can't keep up with demand

Shoppers are flocking to Costco to stock up on essentials amid concerns over the coronavirus outbreak.

As Fred Katayama reports, that's forcing the retailer to frequently replenish certain goods.

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Costco can't keep up with demand

Costco can't keep up with demand.

The bulk retailer said Friday it's having to replenish certain items frequently because customers keep stocking up on essentials, fearing the spread of the coronavirus.

It says daily deliveries for certain products just aren't enough to keep its shelves stocked.

It has had to place limits on certain items as customers line up at its stores.

Shoppers have been scooping up disinfectants, sanitizers, sanitizing wipes, bleech, bottled water and dry grocery goods.

Costco said concerns related to the outbreak have boosted comparable sales, which shot up nearly 12% in February.

That helped lift quarterly revenue more than 10% and profit almost 5%.

Both easily beat Wall Street's expectations.

At least nine analysts raised their price target on the company's stock.

Costco shares fell in early trading Friday amid a broad market sell-off.

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