Costco posts strong comps, total sales in June

Monthly sales beat analyst estimate

ISSAQUAH, Wash. — Costco Wholesale Corp. reported sales of $9.9 billion for the month of July, an 8% increase over July 2012, the club retailer said Thursday.

For the 44-week period that ended Sunday, sales were $87.05 billion, also an 8% increase over the same period last year. For the month and the 44-week period, same-store sales rose 6%.

Sterne Agee analyst Chuck Grom said that not counting the effects of foreign exchange rates and gas prices, the company's total same-store sales increased by 6.25%, higher than the firm's 5% forecast.

"Recall that we were modestly concerned that extreme weather conditions on the West Coast toward the end of the month would weigh on results along with a few less multi-vendor-mailer days this year (vs. last June)," Grom wrote. "Clearly our concerns were unwarranted in retrospect."


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