Costco’s comparable store sales fell further. Blame gas prices.

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Wholesale Costco

recorded another month of lower same-store sales in June, the company said Thursday, but lower gasoline prices, rather than buyer restraint, were primarily responsible.

Same-store sales fell 1.4% last month, led by a 2.5% decline in the United States. This follows a 0.3% drop in comparable store sales in May.

Total sales were $22.86 billion, up 0.4% from the same period last year, marking a deceleration from the 1.2% year-on-year increase on the other in May.

As gasoline prices hit record highs a year ago, boosting the company’s revenue, Barrons reported at the time, which reversed. Worldwide, the average price per gallon fell 24% in June from a year ago, Costco said.

Costco estimates that lower prices caused total comparable store sales to drop by 4 percentage points. Excluding changes in gas prices and currency exchange rates, same-store sales in June increased 3%, with increases in the United States, Canada and other international markets.

While the average amount spent per visit fell 5.4% in June, partly linked to gas prices, foot traffic increased almost everywhere. In the United States, same-store footfall increased by 3.6%.

Even e-commerce comparable store sales have improved. On an unadjusted basis, e-commerce sales fell 0.7% from a year earlier last month, better than the 7.6% decline recorded in May.

Some of the company’s largest categories included food, sundries, candy, tires, health and beauty.

Costco stock fell 0.8% to $533.04 in after-hours trading Thursday. The stock is up 17% this year.

Write to Sabrina Escobar at sabrina.escobar@barrons.com