Wholesales warehouse chain Costco (NASDAQ:COST) on Thursday reported comparable-store sales – a key growth metric for retailers that measures sales at stores open longer than a year – that were slightly short of Wall Street expectations.
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The Issaquah, Wash.-based company reported same-store sales growth of 3%, including gasoline price deflation, which is below average analyst estimates of 3.7%, according to a Thomson Reuters poll.
Comparable sales grew 3% in the U.S. and 2% in its international markets.
Total sales for the five weeks ended July 1 climbed 6% to $9.18 billion from $8.69 billion. The key sales season includes the period leading up to Memorial Day and Canada Day, though stores in the respective countries were closed on the actual holiday.
Costco said deflation in gasoline prices had a “minimal impact” on comparable sales growth during the five-week period. Excluding gas, same-store sales were knocked two points higher to 5%.