Costco Wholesale (COST): A Little Disappointing - Piper Jaffray
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Piper Jaffray analyst, Sean Naughton, reiterated his Overweight rating on Costco Wholesale (NASDAQ: COST) despite being "a little disappointed" with Costco's same store sales results in August.
The company reported a 2% core comp number and flat reported figure to account for the 2.25% negative impact from gas price deflation. In addition, traffic fell to 2.33%, down from 3.25% last month despite a slightly easier comparison.
The analyst stated "While we have documented the many challenges of consumer staples retailers, we thought Costco was getting back on track with improving trends in June and July, but we were a little too optimistic".
Shares of Costco Wholesale closed at $162.09 yesterday.
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