Costco November same-store sales miss expectations
Costco Wholesale's November same-store sales fell short of analysts' expectations, as lower gasoline prices and weak foreign currencies dampened a five percent increase in the company's monthly net sales.
Sales at stores open at least a year rose 2 percent in the four weeks ended Dec. 1, including the impact of fuel sales and foreign exchange.
On that basis, analysts expected same-store sales to rise 3.3 percent for the month of November, according to Thomson Reuters data. November net sales rose 5 percent to $8.78 billion.
Excluding the negative impact of foreign exchange and falling gasoline prices, same-store sales rose 4 percent. For the twelve-week first quarter ended Nov. 24, the company reported net sales of $24.47 billion, an increase of five percent.
Costco, which competes with BJ's Wholesale Club and Wal-Mart Stores' Sam's Club, offers everyday items like bananas below supermarket prices, hoping customers will buy other goods as well. It usually prices gasoline lower than competing stations.