Costco key revenue figure up 13 percent in May

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Associated Press

Posted on June 2, 2011 at 8:50 AM

Updated Thursday, Jun 2 at 8:50 AM

ISSAQUAH, Wash. (AP) — Costco Wholesale Corp.'s revenue at stores open at least a year climbed 13 percent in May, surpassing Wall Street's expectations.

Analysts polled by Thomson Reuters predicted an 11.2 percent rise in the figure.

Revenue at stores open at least a year is a key indicator of a retailer's health because excludes results from stores opened or closed during the year.

Removing rising gas prices and strengthening foreign currencies, Costco said Thursday that revenue at stores open at least a year increased 7 percent.

Total revenue for the four weeks ended May 29 gained 17 percent to $7.14 billion.

The monthly results included sales from the company's Mexico joint venture, the wholesale club operator said.

For the year to date, Costco's revenue at stores open at least a year rose 9 percent. The figure was up 6 percent when taking out increasing gas prices and strengthening foreign currencies.

Total revenue improved 13 percent to $64.75 billion.

Last week Costco reported that its third-quarter net income rose 6 percent as rising sales and membership fees made up for declining margins.

Costco currently runs 581 warehouses, including 425 in the U.S. and Puerto Rico, 80 in Canada, 32 in Mexico, 22 in the U.K., eight in Japan, seven in Korea, six in Taiwan and one in Australia.

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