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High rate of unemployment and steep fall in consumer spending amid economic slowdown took a toll on Costco Wholesale Corp.’s (NASDAQ:COST) revenues in June. Although the Company’s revenues rose in June, it was lower-than-expected.
While analyst polled by Thompson Reuters forecasted a 3.7% jump in same-store-sales in June, the actual same-store-sales stood at 3% for the period.
However, after adjusting the impact of gasoline prices and foreign exchange fluctuations, same store sales rose by 5%.
According to the Costco, revenues from established stores in the U.S. climbed by 3% even as it grew by 2% international markets.
The company’s total revenues in the five week period (from June 1 to July 1) rose by 6% to $ 9.18 billion.
At present, the retailer runs 605 warehouses across the world which includes 520 In North America ( 438 in the U.S and Puerto Rico and 82 in Canada), 32 in Mexico, 22 in the United Kingdom, and 31 in APAC region (8 in Taiwan, 13 in Japan, 3 in Australia and 7 in Korea). In addition the company also plans to include three new warehouses by the end of September 2012.
Costco stock is currently trading 0.24% lower at $94.19 on volume of 1.10 million.
