socialmedian: Costco October same-store sales up 5%; forex helps

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Costco October same-store sales up 5%; forex helps

Source: Wall Street Journal

Nov 05, 2009

Summary

TEL AVIV (MarketWatch) -- Costco Wholesale Corp., the Issaquah, Wash., warehouse retailer, reported that for October, comparable-store sales rose 5% while total sales rose 7% to $5.68 billion from $5.3 billion in the year-earlier month. A survey of analysts by Thomson Reuters produced a consensus estimate of same-store sales up 4.7% for the month. The same-store sales reflect increases of 2% in the U.S. and 17% internationally. Foreign currencies' strength against the U.S. dollar benefited October comparable sales, "in contrast to the previous 14 months, during which time" the impact had been negative, Costco said. Excluding the effect of forex and lower prices of gasoline, total company same-store sales rose 4%, reflecting rises of 3% in the U.S. and 7% internationally. Thomson Reuters' survey was looking for a rise of 5.8% in total adjusted same-store sales.

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