Coronavirus panic-buying has buoyed sales at Costco, as shoppers stock up on cleaning products, household essentials and food, CNN Business reported Thursday.
The company said sales at its stores open for at least one year jumped 9.1% during its previous quarter compared with the same period last year.
Sales at Costco in February were up 12.4% from a year ago. The company attributed around 3% of that to "an uptick in consumer demand" from concerns over coronavirus.
According to CNN, lines of buyers have been building around Costco stores in recent days — and shelves are emptying of sanitizers at Costco and other drug stores, like Walmart, CVS, and Walgreens.
"It's been a little crazy this past week in terms of outside shopping frequency and sales levels," Costco CFO Richard Galanti told analysts on a call, CNN Business reported.
The buying spree has lifted shares of Costco, Walmart and other big-box chains and grocers this week, the news outlet added.
Cleaning product manufacturers like Clorox and consumer goods' companies like Campbell Soup also reported an uptick in demand.
"There's certainly been heightened activity" from shoppers, Kroger CFO Gary Millerchip said on a call with analysts, CNN Business reported.
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