Costco Same-Store Sales Rose Significantly in Fiscal 2015

Costco Wholesale Corp. said Wednesday that sales in stores open at least a year grew significantly during fiscal 2015, adding to a string of strong sales figures for the warehouse retailer at a time when competitors are reporting mixed results.

Costco's same-store sales rose 7% for the fiscal year ended Aug. 30, excluding the negative effects of gasoline sales and currency fluctuations. Including these, Costco's sales rose just 1% for the year.

Costco is particularly exposed to gas and currency fluctuations. It is one of the largest sellers of gasoline in the U.S. and plans to add more pumps to stores because inexpensive gas drives membership and traffic growth. The Issaquah, Wash.-based retailer is also building new stores outside of the U.S. more rapidly than inside the U.S..

Unlike traditional retailers, Costco's primary source of profit is new membership fees, not sales. Still, it is growing sales much faster than some competitors. Wal-Mart Stores Inc. reported a 1.5% increase in existing-stores sales excluding gasoline during the most recent quarter.

Costco total sales for the fiscal year hit $113.7 billion, up from $110.2 billion the previous year, making it the No. 2 U.S. retailer by revenue after Wal-Mart.

One of the few retailers still reporting monthly sales figures, Costco said Wednesday that August sales rose 5%, excluding gas and currency loses. In August total sales fell to $8.7 billion, down from $8.8 billion a year earlier.

Costco reports full-year earnings on Sept. 29th.

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September 02, 2015 23:25 ET (03:25 GMT)

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