Costco key Nov. sales misses Wall Street's view

Published on NewsOK Modified: December 5, 2013 at 10:40 am •  Published: December 5, 2013
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ISSAQUAH, Wash. (AP) — Costco's sales at stores open at least a year rose 2 percent in November, missing Wall Street's expectations for a period that included the critical Black Friday holiday shopping weekend.

The performance was the weakest since September 2009 when the wholesale club operator posted a 1 percent increase.

Analysts surveyed by Thomson Reuters predicted a 3.3 percent rise in the metric for November. Costco shares fell nearly 2 percent, or $2.07, to $120.90 in late morning trading.

This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed. The results cover the four weeks ended Dec. 1, which included Black Friday this year.

The indicator rose 2 percent in the United States and 1 percent overseas.

Excluding lower gas prices and the stronger dollar, sales at stores open at least a year increased 4 percent in November. The figure climbed 3 percent in the U.S. and rose 6 percent internationally.

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