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UPDATE 1-Costco comparable-store sales fall 1 pct, revenue misses estimates

Published 2015-09-29, 09:43 p/m
© Reuters. UPDATE 1-Costco comparable-store sales fall 1 pct, revenue misses estimates
COST
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(Adds estimates, details from statement, share's closing price)
Sept 29 (Reuters) - Costco Wholesale Corp COST.O reported
a fall in comparable-store sales for a second straight quarter
and lower-than-expected revenue as a stronger dollar reduced the
value of sales from overseas markets.
Comparable sales, including fuel and foreign currency
impacts, fell 1 percent in the fiscal fourth quarter ended Aug.
30. Analysts polled by research firm Consensus Metrix had
expected a drop of 1 percent.
Costco gets almost 30 percent of revenue from outside the
United States.
The dollar had risen about 16 percent against a basket of
currencies in the 12 months through Aug. 30.
Excluding fuel and foreign exchange impact, comparable-store
sales rose 6 percent, matching the growth expected by analysts
polled by research firm Consensus Metrix.
Net income attributable to Costco rose 10 percent to $767
million, or $1.73 per share, in the quarter, from $697 million,
or $1.58 per share, a year earlier.
The company, whose markets include Canada and Japan, said
revenue rose marginally to $35.78 billion during the quarter.
Analysts on average had expected earnings of $1.66 per share
on revenue of $36.21 billion, according to Thomson Reuters.
Costco's shares closed at $143.72 on Tuesday. Issaquah,
Washington-based company's stock had risen nearly 5 percent this
year.

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