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Costco is hoping that consumers are becoming more comfortable making purchases as the No. 1 U.S. warehouse club operator heads into the year-end holiday shopping season.
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Damian Dovarganes / AP A Costco employee pulls shopping charts at a Costco Wholesale store. |
"We still are cautious but are keeping our fingers crossed that people are buying a little bit," said Chief Financial Officer Richard Galanti Wednesday.
He made the comments at the retailer's investor day, which was being held in its new store in Manhattan.
Costco's [COST
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] monthly same-store sales fell through much of this year as shoppers shunned purchases of its discretionary merchandise, like jewelry and clothes.
Unlike a year ago, when gasoline prices rose to record levels, Costco received no recent sales boost from the price of gas.
But same-store sales returned to positive territory in September and October, marking an improvement from August, when same-store sales fell 2 percent.
The retailer has also said it is seeing demand return for products besides food, like sporting goods, clothes and cameras. Also speaking at the meeting, CEO Jim Sinegal said the retailer does not plan to raise prices to boost margins.
Instead, he said Costco will be smarter about the products it stocks on shelves to reduce costs—like making round jars square so that more can fit on a shelf.
He also said the retailer has no plans to resume issuing earnings forecasts.
Costco stopped providing the forecasts in the past year, saying the climate was too volatile.
Sinegal said that issuing the forecasts is "a terrible distraction for management." Costco shares closed up 36 cents, or less than 1 percent, at $60.40 on the Nasdaq on Wednesday.
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