Costco beats expectations in May

Warmer weather in May meant an uptick in store traffic for a few retailers, including Costco. But the wholesale retailer’s same-store sales for the month — which increased 6%, with a 6% rise in U.S. sales and a 4% increase in international sales — were better than analysts had expected and bolstered by higher fuel prices.

The company reported net sales of $8.78 billion for the month, an increase of 8% from $8.13 billion during the similar four-week period last year.

In the United States, same-store sales increased 6%. Total company same-store sales also increased 6%.

For the 39 weeks ended June 1, the company reported net sales of $81.99 billion, an increase of 6% from $77.13 billion during the similar period last year.

Source: Retailing Today