Costco October Same-Store Sales Rise 6%
ISSAQUAH, Wash. (TheStreet) -- Costco Wholesale (COST) - Get Report said same-store sales in its warehouse clubs rose greater than expectations in October, boosted by higher gas prices and strengthening foreign currencies.
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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