Key Costco revenue metric misses estimate

ISSAQUAH — Costco’s revenue at stores open at least a year climbed 4 percent in April, but fell just shy of analysts’ expectations.

Analysts polled by Thomson Reuters predicted a 4.5 percent increase.

This figure is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed.

Costco Wholesale Corp. said Thursday that U.S. stores reported a 4 percent rise in the metric, while those abroad posted a 3 percent gain.

Total revenue for the four weeks ended May 5 rose 7 percent to $7.98 billion.

For the year to date, revenue at stores open at least a year rose 6 percent for the total company as well as for U.S. and overseas locations.

Excluding the impact of gasoline prices and foreign currency exchange rates, the wholesale club operator’s April revenue at stores open at least a year increased 6 percent. The U.S. and stores abroad also reported 6 percent gains for the month. A 6 percent increase in the metric was also reported for the year-to-date for the total company, U.S. and international locations.

Costco plans to report its third-quarter financial results on May 30. The Issaquah company runs 627 warehouses, including 449 in the U.S. and Puerto Rico, 85 in Canada, 33 in Mexico, 24 in the U.K., 15 in Japan, nine in Taiwan, nine in Korea and three in Australia. It plans to open nine additional new warehouses before its fiscal years ends on Sept. 1.

More in Herald Business Journal

Exec director of Future of Flight in Mukilteo stepping down

A former board president will temporarily lead Snohomish County’s most popular tourism attraction.

Seafood producer Keyport moves corporate HQ to Edmonds

The family business sees the city as business friendly — and able to accommodate expansion.

Tax bill will help fund 5,000 layoffs, Kimberly-Clark says

Executives declined to say which factories the company would be closing.

Ex-Boeing executive Ray Conner joins Alaska Air board

Alaska Air Group said his appointment affirms the company’s commitment to its Northwest roots.

AI can read! Tech firms race to smarten up thinking machines

“A long way from computers being able to read … general text in the same way that humans can.”

Peoples, HomeStreet banks bump lowest salaries after tax cut

The banks with Snohomish County branches will raise minimum salaries for employees to $15 an hour.

Amazon opens store with no cashiers, lines or registers

The Seattle store allows shoppers to use a smartphone app to pay for items they want.

The expansion at Angel of the Winds Casino is expected to add room for up to 300 more slot machines and 16 new table games. (Courtesy Angel of the Winds)
Groundbreaking held for multimillion-dollar casino expansion

Angel of the Winds will gain up to 300 more slot machines, a 200-seat buffet and more.

Trump hits solar panels, washing machines with tariffs

The administration cast the decisions as part of his pledge to put American companies and jobs first.

Most Read