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September 4, 2009

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Home » Business » Consumer

Warehouse sales drop not so bad

COSTCO Wholesale Corp yesterday reported a smaller-than-expected 2 percent fall in August same-store sales.
Analysts, on average, were expecting a fall of 5.7 percent.
Same-store sales at United States locations fell 4 percent, while international division sales rose 3 percent.
Excluding gasoline price deflation, the company said US comparable sales would have been flat, while on a local currency basis international same-store sales increased 7 percent.
Customers pay an annual fee to shop at Costco's warehouses, which sell a wide range of products from laptop computers and bulk packs of toilet paper to fresh fruit and frozen dumplings. Many of the clubs also operate gas stations.
Costco said total net sales for August were flat with last year at US$5.4 billion.


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