Costco March same-store sales rise 7 percent
NEW YORK (Reuters) - Costco Wholesale Corp (COST.O) said on Thursday that sales at stores open at least a year rose a stronger-than-expected 7 percent, helped by higher gasoline prices and strength in foreign currency.
Analysts, on average, were expecting the company's same-store sales to rise 5.7 percent, according to Reuters Estimates.
Costco, the largest U.S. warehouse club operator, said total sales for the five weeks ended April 6 rose 11 percent to $6.57 billion from the same period a year earlier.
It said same-store sales rose 5 percent in its U.S. operations, while they jumped 17 percent internationally.
Excluding gasoline price inflation, it said U.S. same-store sales would have been up 3 percent, while on a local currency basis, it said international comparable sales increased 6 percent in March.
Customers pay an annual membership fee to shop in Costco's warehouse clubs, which sell everything from televisions to diamond rings to bulk-sized packages of toilet paper.
The clubs also sell gasoline, a lure to shoppers looking to fill their cars with cheap fuel.
It also said the average price for a gallon of gasoline during the month was $3.21, up from $2.66 a year ago, helping to boost sales in that category.
On a recorded call, the retailer said sales were strong in deli, frozen food, produce, bakery, and men's and women's apparel.
(Reporting by Aarthi Sivaraman and Nicole Maestri)
