Costco May same-store sales beat estimates on higher fuel prices
June 5 (Reuters) - Warehouse club operator Costco Wholesale Corp posted a better-than-expected 6 percent rise in May same-store sales, helped by higher fuel prices.
Analysts had expected a 4.6 percent rise in Costco's same-store sales, including fuel sales, for the four weeks ended June 1, according to a Thomson Reuters poll.
May net sales rose 8 percent to $8.78 billion.
Excluding the impact of foreign exchange rates and gasoline prices, same-store sales rose 6 percent.
Costco, which operates 657 warehouses all over the world, said it plans to open six new warehouses before its fiscal year ends on Aug. 31.
Costco, which competes with BJ's Wholesale Club Inc and Wal-Mart Stores Inc's Sam's Club, offers everyday items below supermarket prices, hoping customers will buy other goods as well. It usually prices gasoline lower than competing stations. (Reporting by Arnab Sen in Bangalore; Editing by Gopakumar Warrier)