Costco key revenue metric rises 5% in May
THE ASSOCIATED PRESS June 6, 2013 8:10AM
ISSAQUAH, Wash. — Costco’s revenue at stores open at least a year climbed 5 percent in May, but still fell just short of Wall Street’s expectations.
Analysts polled by Thomson Reuters predicted a 5.5 percent rise.
This figure is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed.
The metric also increased 5 percent in the U.S. Overseas, revenue at stores open at least a year climbed 6 percent.
Stripping out the changes in gasoline prices and foreign exchange rates, revenue at stores open at least a year rose 6 percent. In the U.S. it climbed 6 percent and internationally it increased 7 percent.
Costco Wholesale Corp. said Thursday that total revenue for the four weeks ended June 2 climbed 7 percent to $8.13 billion.
For the year to date, the Issaquah, Wash. company reported revenue at stores open at least a year rose 6 percent. The metric also climbed 6 percent in the U.S. and abroad. It increased by that same percentage for the total company as well as in the U.S. and overseas when excluding changes in gas prices and foreign exchange rates.
Total revenue for the year to date rose 8 percent to $77.13 billion.
Costco currently runs 627 warehouses, including 449 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. Last week the wholesale club operator reported that its fiscal third-quarter net income climbed 19 percent, bolstered by increased sales and more money from membership fees.
Costco shares finished at $109.17 on Wednesday.