Costco key revenue figure rises 12 pct in April

ISSAQUAH, Wash. — Costco Wholesale Corp.'s revenue at stores open at least a year climbed 12 percent in April, beating analysts' expectations.

Analysts surveyed by Thomson Reuters predicted an 8.9 percent increase.

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

The wholesale club operator said Thursday that its results were hurt by a selling period that was one day shorter than last year's, partly offset by shoppers buying goods leading up to the Easter holiday. Easter fell at the end of April this year instead of the beginning like last year.

In the U.S., revenue at stores open at least a year increased 11 percent. The figure climbed 16 percent overseas.

Removing the impact of higher gas prices and strengthening foreign currencies, revenue at stores open at least a year gained 7 percent in April. The U.S. recorded a 6 percent gain while international results climbed 10 percent.

Total revenue for the four weeks ended May 1 rose 17 percent to $6.8 billion.

For the year-to-date, revenue at stores open at least a year rose 8 percent with the U.S. up 6 percent and international results up 14 percent.

Excluding higher gas prices and strengthening foreign currencies, revenue at stores open at least a year rose 5 percent. The figure increased 4 percent in the U.S. and 9 percent overseas.

Total revenue increased 13 percent to $57.59 billion for the period.

In March Costco reported that its second-quarter net income climbed, benefiting from stronger business overseas and growing membership.

Costco, based in Issaquah, Wash., currently runs 580 warehouses, including 425 in the U.S. and Puerto Rico, 80 in Canada, 22 in the U.K., seven in Korea, six in Taiwan, seven in Japan, one in Australia and 32 in Mexico.