He added that purchases of Costco’s less expensive brand Kirkland Signature for various products was up compared to name brands
. Costco CFO Richard Galanti said last week that some customers are switching from buying more expensive meats like steak and beef at the store to cheaper ones like chicken and pork and even canned products.
"That would, again, at least anecdotally, suggest that we've seen people looking for better bargains," he said, adding, "We try to correct people when they said was it a downgrading because, arguably, it was an upgrade when they went to Kirkland Signature."Galanti said that daily transactions were down 3.5% in the U.S. mainly because customers were buying fewer "bigger-ticket nonfood discretionary items" like furniture and televisions.
He partially attributed that to two years of "outsized growth" in those purchases "as people were buying things from their home." He added, "We saw outsized sales in indoor and outdoor furniture and electronics and TVs and exercise equipment. And so, we're not only comparing against this ‘recession’ or concerns about big-ticket items but comparing against uber strength over the last two years prior to that. So I think we'll come out of this fine.
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