Key points to remember
- Shares of Costco fell more than 2% on Friday after comparable store sales fell in June as gasoline prices fell.
- The retailer said average gasoline prices around the world were down 24% per gallon year-over-year.
- The company said that without the changes in gas prices 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 fell due to lower gasoline prices.
Costco said same-store sales fell 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 had a negative impact of 4% on comparable sales. He added that the average global selling price was down 24% per gallon compared to June 2022.
Excluding the impacts of changes in gas prices and currency exchange rates, Costco said same-store sales increased 3%.
Overall revenue was $22.86 billion, up 0.4% from 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, Costco shares remained in positive territory for the year and are up more than 15% year-to-date.
Y charts.