Costco same-store July sales rise but miss estimates
ISSAQUAH, Wash. — Costco Wholesale Corporation reported net sales of $7.87 billion for the month of July, the four weeks ended August 4, an increase of 7% from $7.36 billion during the similar period last year.
For the 48 weeks ended August 4, the company reported net sales of $94.91 billion, an increase of 8% from $87.7 billion during the similar period last year.
For the four-week period, changes in gasoline prices had a positive impact while foreign exchange rates had a negative impact on comparable sales. These impacts were immaterial for the 48-week period.
Comparable-store sales for the four-week period were up 4%, compared to the same period last year. However, according to a Reuters report, same-store sales for the month missed analysts’ estimates of 5.1%.
Costco currently operates 632 warehouses, including 451 in the United States and Puerto Rico, 85 in Canada, 33 in Mexico, 25 in the United Kingdom, 17 in Japan, 9 in Taiwan, 9 in Korea and 3 in Australia. The company plans to open up to an additional two new warehouses prior to the end of its fiscal year on September 1. Costco also operates electronic commerce websites at www.costco.com, www.costco.ca and www.costco.co.uk.