NEW YORK (TheStreet) -- Same-store sales at Costco Wholesale
(COST - Get Report) jumped 7% in August, beating expectations of a 4.63% gain, according to Consensus Metrix.
U.S. same-store sales also rose 7% last month and 6% for the quarter, which ended Aug. 31. Excluding gas and foreign exchange, Costco's same store sales rose 8% in August and 7% for the quarter. Total net sales for the month jumped 10% from last year to $8.8 billion.
Costco also reported net sales of $110.2 billion for its fiscal year, which also ended on Aug. 31, an increase of 7% year over year and in line with consensus estimates. The Issaquah, Wash.-based company reports fourth quarter earnings on Oct. 9.
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Shares were rising 1.9% to $123.61 on Thursday. Here's what analysts were saying.
Charles Grom, Sterne Agee (Buy; $129 PT)
Against its toughest compare of the balance of '14, Buy-Rated COST printed its best monthly SSS since Dec. '12 - a core of 7.8%. Not only was the print significantly ahead of our 5.0% view, but the step-up both sequentially (~360 bps) and vs. the trailing 12-month avg. (+5.8%) is indicative of a team that remains on its game despite a multi-year string of back-to-back winning seasons. Net, with the NFL season upon us, if this were a fantasy football draft, COST would be the #1 pick, in our view.
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