Last week we highlighted how Americans across the country have begun to panic, heading to their local Costco and other big-box stores in a mad dash to hoard supplies as coronavirus descends on the country.
“It’s been nuts,” said Costco CFO Richard Galanti on a Thursday earnings call with investors.
And now, a photo from an unidentified Costco reveals just how dire the problem is…
That’s quite a serious out of stock at Costco…. pic.twitter.com/6kh2q5b8ch
— Matthew Boyle (@bizboyle) March 5, 2020
On a more serious note, big-box stores have been raking it in of late – with Costco reporting sales up 12% y/y, saying they had “benefited from an uptick in consumer demand in the fourth week of the reporting period” when coronavirus fears swept the country.
“We attribute this to concerns over the coronavirus,” said the company.
Stock prices for Walmart and Target have also benefited from the spread of the deadly virus, as people preparing for a quarantine situation load up shopping carts with bottled water, canned soup, instant mac and cheese and everything else that they could possibly need to wait out the virus. But the panic-buying has been leading to shortages and leaving people on edge. –WaPo
And on Thursday morning, the San Bernardino County Sheriff’s Department showed up at the Chino, California Hills Costco after receiving reports that customers had become aggressive after learning that they were out of water, toilet paper and paper towels.
To try and manage the situation, some locations have been limiting sales of essential items:
The panic is starting– local Costco trying to limit fear-fed buying. pic.twitter.com/5aylL8u1c1
— Bruce Kamich, CMT (@BruceKamich) March 4, 2020
We warned you several years ago that Venezuela was coming to America. Who knew it would be caused by a virus.