ISSAQUAH, Wash. (AP) â¿¿ Costco Wholesale Corp.'s revenue from stores open at least a year rose 4 percent in April, but missed Wall Street's expectations.
Analysts polled by Thomson Reuters forecast a 5.1 percent increase from the wholesale club operator.
This metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
Costco posted a 4 percent rise in the figure in the U.S. and a 3 percent gain abroad.Removing higher gas prices and unfavorable foreign currency translation, revenue at stores in the U.S. open at least a year still rose 4 percent and increased 7 percent internationally. For the total company, the metric rose 5 percent. Costco's said Thursday that its total revenue for the four weeks ended April 29 climbed 7 percent to $7.25 billion. Year-to-date revenue at stores open at least a year jumped 8 percent. The metric was up by that same amount in the U.S. and overseas. Excluding higher gas prices and unfavorable foreign currency translation, the figure rose 7 percent for the period. It was up 6 percent in the U.S. and gained 9 percent abroad. The Issaquah, Wash., company's total revenue for the period increased 10 percent to $63.59 billion. Costco will release its third-quarter results on May 24. The company runs 602 warehouses, including 435 in the U.S. and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the U.K., 13 in Japan, eight in Taiwan, seven in Korea and three in Australia.