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BRIEF-Costco on conf call- 1 pct rise in reported comp sales due to an avg shopping frequency increase of 2.2 pct
December 7, 2016 / 11:27 PM / in a year

BRIEF-Costco on conf call- 1 pct rise in reported comp sales due to an avg shopping frequency increase of 2.2 pct

Dec 7 (Reuters) - Costco Wholesale Corp

* CFO - within fresh foods, produce and deli were the strongest departments

* CFO - majority of core US margin increase in Q1 was due to higher year-over-year revenue share and bounty from the new citi visa card

* CFO - improving online offerings, adding more exciting high-end brand-new merchandise and improve functionality of site and search

* CFO - have shortened the online checkout process and improved member’s ability to track their orders “something we weren’t terribly good at”

* CFO on Amazon Go- “There is a lot of other brick and mortars that that my guess would be far more impacted than us on that but we’ll have to wait and see”

* Q1 profits from gas were lower by about $20 million this year, primarily due to last year’s very strong profit results

* On conf call- 1 percent rise in reported comp sales due to an average shopping frequency increase of 2.2%

* CFO - “ in recent months we’ve seen additional deflation overall, low to mid-single digit rate in food and food and fresh meat and a little more in some nonfood areas like electronics”

* CFO - estimate the percentage of goods imported by costco from overseas is in the mid-20s as a percentage of sales Further company coverage:

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