Costco October same-store sales beat estimates
(Reuters) - Costco Wholesale Corp (COST.O: Quote) reported better-than-expected October same-store sales as customers spent more at its cavernous stores and website, where they can buy everything from carrots to kayaks.
Sales at stores open at least a year rose 3 percent in the four-week period ended November 3, including the impact of fuel sales and foreign exchange.
On that basis, analysts expected same-store sales to rise 2.6 percent for the month of October, according to Thomson Reuters data.
October net sales rose 6 percent to $8.15 billion.
Excluding the negative impact of foreign exchange and falling gasoline prices, Costco said its same-store sales rose 6 percent.
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. It usually prices gasoline lower than competing stations.
Costco currently operates 642 stores globally and plans to open up to seven additional warehouses prior to the end of calendar year 2013.
(Reporting by Varun Aggarwal in Bangalore; Editing by Gopakumar Warrier)
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