August 8, 2013 / 7:41 AM / 4 years ago

Costco July same-store sales miss estimates

(Reuters) - Costco Wholesale Corp (COST.O) reported July same-store sales that missed analysts’ estimates, hurt by a stronger dollar that pulled in weak sales from its overseas stores.

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

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) 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

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