Costco’s same-store sales up 5% in July
ISSAQUAH, Wash. — Costco posted a 5% increase in same-store sales in July, helped by strong sales at its U.S. stores. But the stronger dollar and lower gas prices pressured its results.
Same-store revenue at U.S. locations open was up 7% for the period ended July 29. The figure was flat for its international stores.
Taking out the impact of lower gas prices and a stronger dollar, same-store sales rose 7% for the month. In the U.S., the metric was up 8% while overseas it rose 7%.
Total revenue for July increased 8% to about $7.3 billion from $6.7 billion.
NACDS urges support for bipartisan legislation that levels playing field for Main Street businesses
ALEXANDRIA, Va. — The National Association of Chain Drug Stores urged House and Senate leaders to support bipartisan legislation that would level the playing field between brick-and-mortar retail businesses — including community pharmacies — and Internet and other remote sellers. The legislation also would give states the ability potentially to collect millions of dollars in sales tax annually.
In addition to sending letters to House and Senate leaders, NACDS provided a statement to the U.S. Senate Committee on Commerce, Science & Transportation, applauding the committee’s hearing on “Leveling the Playing Field for Small Businesses.”
“Enactment of the Marketplace Equity Act would help preserve Main Street businesses that are critical to the economic vitality of their communities and empower states to address their budget challenges without raising taxes, or adding to the federal deficit,” NACDS said in its statement for the hearing.
The Marketplace Equity Act, introduced by Sen. Mike Enzi, R-Wyo., would close a loophole that puts retail brick-and-mortar businesses at a competitive disadvantage with online retailers. A 1992 U.S. Supreme Court ruling created the loophole, which prohibits states from requiring Internet and other remote sellers to collect sales and use taxes owed on purchases from out-of-state vendors.
“This loophole not only disadvantages brick-and-mortar retailers, it also ties the hands of cash-strapped states, preventing them from collecting the sales taxes owed to them,” NACDS president and CEO Steve Anderson stated in letters sent to key congressional leaders.
“We urge Congress to approve the Marketplace Equity Act to level the playing field between brick-and-mortar and Internet and other remote sales,” Anderson said.
Eboost expands distribution
NEW YORK — Eboost on Wednesday announced its Eboost brand of vitamin-infused energy drinks and effervescent powders is gaining national distribution through wholesaler Nature’s Best and regional placement across two retailers.
"When we launched Eboost, we originally focused on seeding the product with influencers, celebrities and friends, and in places where we felt people needed energy the most," Eboost co-founder Josh Taekman said. "After recognizing the incredible following that the product generated due to the overwhelming need for a healthy energy source, we expanded our distribution to national natural channels, specialty and sports nutrition retailers as well."
Eboost products are available as either a shot or a powder packet in four flavors, including super berry, orange, pink lemonade and acai pomegranate.