ISSAQUAH, Wash. (AP) — Costco said Thursday that its sales at stores open at least a year climbed 5 percent in April, beating Wall Street's estimate.
Analysts surveyed by Thomson Reuters forecast a 3.2 percent rise. This figure is a key indicator of a retailer's health. It excludes results from stores recently opened or closed.
In the U.S. the metric increased 5 percent. It rose 2 percent overseas.
Its shares rose $2.39, or 2.1 percent, to $114.38 in afternoon trading. Its shares had been down almost 6 percent so far this year through Wednesday's close
Removing higher gas prices and foreign currency fluctuation, sales at stores open at least a year still climbed 5 percent for the total company and for U.S. locations. Internationally, the figure increased 7 percent.
Total revenue for the four weeks ended May 4 rose 7 percent to $8.56 billion.
Costco Wholesale Corp. said that there was one less selling day in the period which accounts for a shift in the timing of Easter. The wholesale club operator said that the later Easter this year hurt its total revenue and same-store sales by 1.5 percent to 2 percent.
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