October 3, 2019 / 8:21 PM / 13 days ago

Costco comparable store sales miss estimates

Oct 3 (Reuters) - Costco Wholesale Corp reported lower-than-expected quarterly comparable store sales on Thursday, as the warehouse club operator struggled to lure shoppers in a competitive U.S. grocery space.

Comparable-store sales, or those recorded at Costco’s e-commerce platform and warehouses open for more than a year, rose 5.1%, excluding the impact of fuel and currency fluctuations. Analysts estimated a 5.25% rise, according to IBES data from Refinitiv. The company’s total revenue rose about 7% to $47.50 billion in the fourth quarter ended Sept. 1, but fell short of estimates of $47.57 billion. (Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber)

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