|Costco key revenue metric up six pct. in February||| Print ||
|Written by By Associated Press|
|Thursday, 07 March 2013 07:34|
ISSAQUAH, Wash. (AP) — Costco Wholesale's revenue at stores open at least a year rose 6 percent in February, beating Wall Street's expectations.
Analysts polled by Thomson Reuters expected a 5.1 percent increase.
Revenue at stores open at least a year is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
The wholesale club operator said Thursday that the metric also climbed 6 percent in the U.S. and rose 4 percent internationally.
Taking out the impact of higher gas prices and foreign exchange translation, revenue at stores open at least a year still grew 6 percent for the total company and for its U.S. clubs. Overseas, the figure increased 7 percent.
Total revenue for the Issaquah, Wash. company for the four weeks ended March 3 rose 8 percent to $7.58 billion.
In the second quarter, Costco Wholesale Corp.'s revenue at stores open at least a year climbed 5 percent. In the U.S. the figure also rose 5 percent. It increased 6 percent internationally.
Removing the impact of higher gas prices and foreign exchange translation, revenue at stores open at least a year still rose 5 percent for the total company and for its U.S. clubs. The figure climbed 4 percent abroad.
Total revenue for the quarter rose 8 percent to $24.34 billion.
Year-to-date revenue at stores open at least a year climbed 6 percent for the total company and for U.S. clubs. The metric increased 7 percent internationally.
Excluding the impact of higher gas prices and foreign exchange translation, the figure rose 5 percent for the total company. In the U.S. it still increased 6 percent. The metric rose 5 percent overseas.
Total revenue for the year to date rose 9 percent to $51.35 billion.
Costco expects to report its second-quarter financial results on March 12. The company currently runs 622 warehouses, including 448 in the U.S. and Puerto Rico, 85 in Canada, 32 in Mexico, 23 in the U.K., 13 in Japan, nine in Taiwan, nine in Korea and three in Australia. It plans to open up to an additional 14 new warehouses before its fiscal year ends on Sept. 1, 2013.
Its shares finished at $102.56 per share on Wednesday.
Copyright 2013 The Associated Press.