Costco's May Same-Store Sales Decline 7%

Updated from 3:28 a.m. EDT

Warehouse retailer Costco(COST Quote) said comparable-store sales in May fell 7%, while total sales fell 5% to $5.47 billion from $5.77 billion a year earlier.

Analysts surveyed by Thomson Reuters expected a same-store sales decline of 6.4%.

U.S. comparable-store sales fell 6%, while international sales fell 7%, Costco said in a statement Thursday. Excluding gasoline deflation, U.S. comparable sales fell 1%, while international same-store sales rose 7% if foreign exchange is excluded.

Costco operates 555 warehouses, including 407 in the United States. It plans to open six new warehouses and close its two Costco Home locations before the end of its fiscal year Aug. 30.