Analysts had been expecting a 0.3 percent increase in same-store sales for the Issaquah-based wholesale club operator.
Costco’s sales at stores open at least a year were flat in April, coming in slightly below analysts’ estimates, primarily because of the strong dollar and lower gas prices.
Analysts surveyed by Thomson Reuters predicted a 0.3 percent increase in the figure.
Sales at stores open at least a year are a key indicator of a retailer’s health because they exclude results from stores recently opened or closed.
The Issaquah-based wholesale club operator said Thursday that sales at U.S. locations open at least a year rose 2 percent for the four weeks ended May 3. Internationally, the metric declined 4 percent.
Most Read Business Stories
- After an $800k yacht pileup in Ballard Locks, a fleet of lawyers arrives
- Expect interest rates on federal student loans to rise
- A $189 airport travel hack is no longer working very well
- Seattle-area mortgage payments cost nearly double the rent
- Don Bateman saved more lives than anyone in aviation history | Obituary VIEW
Stripping out lower gas prices and fluctuations in foreign currency, Costco’s sales at stores open at least a year climbed 7 percent. The figure rose by that same amount at U.S. locations. The metric increased 9 percent overseas.
Total revenue edged up 2 percent to $8.75 billion.
Year to date, Costco Wholesale’s sales at stores open at least a year climbed 2 percent. In the U.S. the figure rose 4 percent. It slipped 2 percent internationally.
Stripping out lower gas prices and fluctuations in foreign currency, sales at stores open at least a year gained 7 percent for the total company. It climbed by that same amount in the U.S. and abroad.
A strengthening dollar this year has dampened overseas revenue for an array of U.S. companies that do significant business overseas. When the dollar is stronger, sales in foreign currencies translate back into fewer dollars.
Total revenue climbed 4 percent to $76.33 billion.
Costco currently runs 673 warehouses, including 474 in the U.S. and Puerto Rico, 89 in Canada, 35 in Mexico, 26 in the U.K., 20 in Japan, 11 in Korea, 10 in Taiwan, seven in Australia and one in Spain.