ISSAQUAH, Wash. (TheStreet) -- Costco Wholesale (COST) said same-store sales in its warehouse clubs rose greater than expectations in October, boosted by higher gas prices and strengthening foreign currencies.
Costco said that comparable sales across the company were up 6% in October, with a 4% increase in the U.S. and a 14% jump in international markets. Analysts were expecting a 4.6% rise, according to data collected by Thomson Reuters.
The wholesale retailer said that inflation in gas prices and stronger foreign currencies has a positive impact on same-store sales. Stripping out those effects, Costco said total comparable sales were up 5% in October.
Costco said that net sales for the four-week period in October were $6.3 billion, an increase of 11% from the year-ago period. Excluding sales from the company's Mexico joint venture, the increase from a year ago was 8%.Shares of Costco closed Wednesday at $63.16, just below the stock's 52-week high of $65.46. Other U.S. retailers will report same-store sales data for October throughout Thursday's premarket session. -- Written by Robert Holmes in Boston.
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