UPDATE 1-Costco May same-store sales down 7 pct

jueves 4 de junio de 2009 13:43 CEST
 

* May total sales fall 5 pct

* May comparable sales up 1 pct, excluding fuel

June 4 (Reuters) - Costco Wholesale Corp (COST.O: Cotización) reported a bigger-than-expected 7 percent fall in May same-store sales, including fuel, hurt by gasoline deflation and unfavorable foreign exchange rates.

The mean estimate of analysts polled by Thomson Reuters was for a drop of 6.4 percent in comparable sales for the month, including fuel.

Excluding the impact of fuel and foreign exchange, the company saw same-store sales, or sales at stores open at least a year, rise 1 percent.

The No.1 U.S. warehouse club said total sales for the month fell 5 percent to $5.47 billion.

Costco said last week quarterly net profit slumped 29 percent as shoppers cut back on purchases of non-essential items like clothes and jewelry.

Shares of the company closed at $48.47 Wednesday on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anne Pallivathuckal)