Costco's revenue at stores open at least a year climbed 6 percent in June, topping Wall Street's expectations.
Costco’s revenue at stores open at least a year climbed 6 percent in June, topping Wall Street’s expectations.
Analysts surveyed by Thomson Reuters predicted a 5.4 percent increase in the figure.
Revenue at stores open at least a year is a key indicator of a retailer’s health because it excludes results from stores recently opened or closed.
Costco Wholesale Corp. said Thursday that the metric also rose 6 percent in both the U.S. and abroad.
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Excluding the impact of gasoline prices and foreign currency exchange rates, revenue at stores open at least a year was still up 6 percent for the total company as well as for the U.S. The figure increased 8 percent abroad when removing the effect of these factors.
Total revenue for the five weeks ended July 7 climbed 8 percent to $9.92 billion.
For the year to date, the wholesale club operator’s revenue at stores open at least a year rose 6 percent. The figure also increased by 6 percent in both the U.S. and internationally.
The metric was still up 6 percent for the total company, U.S. and overseas when removing the impact of gas prices and foreign currency exchange rates.
Costco’s total revenue for the year to date climbed 8 percent to $87.05 billion.
The Issaquah, Wash. company currently runs 628 warehouses, including 450 in the U.S. and Puerto Rico, 85 in Canada, 33 in Mexico, 24 in the U.K., 15 in Japan, nine in Taiwan, nine in Korea and three in Australia. It plans to open up to an additional six new warehouses before its fiscal year ends on Sept. 1.
Its shares finished at $113.65 on Wednesday. That is near its 52-week high of $115.77 set May 28. It fell as low as $93.11 last July.