The Costco Wholesale Corporation recently reported its December financials with same-store sales beating analysts' expectations. Sales at stores open at least a year rose 3% in the five weeks ending January 5th. This number reflects the impact of fuel sales and foreign exchange. The company attributed this increase in part to online sales in the United States and Canada, according to Reuters.
According to a Thomson Reuters poll, analysts expected same-store sales to rise 1.8 percent for the month of December.
As of 1:20 PM EST, NASDAQ was reporting Costco’s stock price was up $4.67 or 4.09% to $118.72. The stock price which previously closed at $114.05, has been fluctuating between approximately $114 and $119, today.
The company also reported net sales increased 6% from $10.87 billion to $11.53 billion for the quarter. For the eighteen weeks that ended January 5, 2014, Costco revealed net sales increased 6% from $36.26 billion to $38.33 billion. Excluding the negative impact of foreign exchange and falling gasoline prices, same-store sales rose 5 percent in the U.S. alone.
Congratulations Costco, on exceeding analysts expectations. Stay tuned to AndNowUKnow as we follow the financial results of grocery retailers in our industry.