U.S. warehouse club operator Costco Wholesale Corp posted a higher-than-expected 14 per cent rise in June sales at stores open at least a year, helped by higher gasoline prices and strengthening foreign currencies.
Net sales at Issaquah, Washington-based Costco rose 18 percent to $8.69 billion for the month of June, the five weeks ended July 3, 2011.
Analysts were expecting same-store sales to rise 12.7 per cent, including the impact of fuel prices, according to Thomson Reuters data.
Excluding the impact of gasoline prices and foreign exchange, comparable June same-store sales were up 8 per cent, Costco said.
This year’s reporting period included 34 days in the U.S. versus 33 days last year. Costco said the calendar shift positively impacted this year’s total and comparable sales by about two to three per cent.
Source : Reuters