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Report: Amazon Prime taking members away from Costco, Sam's Club
New research from Cowen & Co. indicates that more U.S. households are joining Amazon's Prime program and canceling their Costco and Sam's Club memberships.
According to data published by Cowen & Co. on Monday, the percentage of U.S. households that pay for Prime membership only has more than doubled over the past four years, from 7.1% in 2013 to 16.2% in 2016. In the same time span, housholds that use either Costco (from 14.9% to 9.8%) and Sam's Club only (from 16.9% to 9.7%) dropped noticeably.
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Costco U.S. comps rise 2% in August
ISSAQUAH, Wash. -- Costco reported a 2% increase in same store sales for August and net sales of $8.9 billion.
The comp increase excludes the impact of foreign currency fluctuations and deflation in gasoline prices. The company recorded comps growth of 2% and 4% across its U.S. and Canadian locations, respectively, while it had flat comps at other international outlets.
For the 16-week fourth quarter, the company reported net sales of $35.7 billion, an increase of 2% from $35 billion in the fourth quarter last year, which ended Aug. 30, 2015.