Costco July same-store sales miss estimates

Thu Aug 8, 2013 3:38am EDT
 
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(Reuters) - Costco Wholesale Corp (COST.O: Quote) reported July same-store sales that missed analysts' estimates, hurt by a stronger dollar that pulled in weak sales from its overseas stores.

Sales at stores open at least a year rose 4 percent in the four-week period ended August 4, including the impact of fuel and foreign exchange.

On that basis, analysts expected same-store sales to rise 5.1 percent for the month of July, according to Thomson Reuters data.

Foreign exchange had a negative impact on comparable sales, the company said in a statement.

Costco, which competes with BJ's Wholesale Club Inc BJ.UL and Wal-Mart Stores Inc's (WMT.N: Quote) Sam's Club, offers everyday items like bananas below supermarket prices, hoping customers will buy other goods as well and usually prices gasoline lower than competing stations.

July net sales rose 7 percent to $7.87 billion.

(Reporting by Vijay Vishwas in Bangalore; Editing by David Cowell)

 
Costco shopping carts await customers outside a Costco Warehouse in Carlsbad, California February 28, 2012. Costco will report earnings this week. REUTERS/ Mike Blake