Costco shares tumble after same-store sales, gas prices tumble

Key Points

  • Costco shares fell more than 2% on Friday after same-store sales fell in June, due to falling gasoline prices.
  • The retailer said average prices of gasoline worldwide were down 24% per gallon year-over-year.
  • The company said that excluding price changes gas and exchange rates, comparable sales would have increased.

Shares of Costco Wholesale Corporation (COST) fell after same-store sales at the largest U.S. warehouse retailer slipped due to lower gasoline prices.

Costco has announced that sales comparable stores had fallen 1.4% last month, 2.5% in the United States and 0.6% in Canada. They increased by 4.5% on the other international markets.

The company said gas price deflation negatively impacted comparable sales by 4%. He added that the average worldwide selling price was down 24% per gallon compared to June 2022.

Eliminating the impacts of gas price and currency exchange rate changes, Costco said comparable store sales increased 3%.

The overall turnover is rose to $22.86 billion, 0.4% higher than a year ago, but less than May's 1.2% increase. E-commerce sales fell 0.7%. However, this was well below the 7.6% drop the previous month. The average amount spent per visit decreased by 5.4%.

Despite Friday's losses, the Costco shares have remained in positive territory for the year and are up more than 15% year-to-date.

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