Costco: sales up 3.3% LFL in May
(CercleFinance.com) - Costco Wholesale last night reported a 3.
3% increase in like-for-like sales in May, a disappointing performance mainly attributable to weak non-food sales.
While this figure is better than analysts' forecasts, who were expecting +2.3%, it is a slowdown compared with the 4.3% growth recorded in April, following rises of 2.6% in March and 5% in February.
In a reaction note, Jefferies analysts attributed this slowdown to the retailer's lower sales in departments such as beauty, ready-to-wear and tyres.
They noted that the group also underperformed in home furnishings, office equipment and electronics.
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3% increase in like-for-like sales in May, a disappointing performance mainly attributable to weak non-food sales.
While this figure is better than analysts' forecasts, who were expecting +2.3%, it is a slowdown compared with the 4.3% growth recorded in April, following rises of 2.6% in March and 5% in February.
In a reaction note, Jefferies analysts attributed this slowdown to the retailer's lower sales in departments such as beauty, ready-to-wear and tyres.
They noted that the group also underperformed in home furnishings, office equipment and electronics.
Copyright (c) 2023 CercleFinance.com. All rights reserved.