BUSINESS BRIEFS
Costco same-store sales declined 2% in January
Advertiser news services
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ISSAQUAH, Wash. — Costco Wholesale Corp. said yesterday its profit for the quarter ending in February will "substantially" miss Wall Street estimates because of poor sales.
January sales in stores open at least a year, a key retailer metric known as same-store sales, declined 2 percent, comprising flat domestic sales and a 9 percent decline overseas, hurt by the strengthening dollar.
Total sales for the month dipped to $5.10 billion from $5.11 billion a year ago.
The retailer expects earnings for its fiscal second quarter to miss the estimate of 70 cents per share.
It also said it will not provide earnings guidance for the rest of the fiscal year.
"General economic conditions have negatively affected our sales, primarily in nonfoods, and merchandise margins," Chief Financial Officer Richard Galanti said in a statement.
Costco operates 550 warehouses and plans to open up to 15 new stores by the end of August.
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