Costco Wholesale (COST) Posts 'Strong' U.S. November Comps
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Late Wednesday, Costco Wholesale (NASDAQ: COST) reported November comps of 0.0%, or +6% excluding the negative impacts from gasoline price deflation and foreign exchange. In the U.S., comps rose +3%, or +6% excluding the negative impacts from gasoline price deflation and foreign exchange.
The company reported net sales of $9.68 billion for the month of November, the four weeks ended November 29, 2015, an increase of three percent from $9.43 billion during the similar period last year.
Piper Jaffray analyst Sean Naughton called the comps "very strong" with mid to high single digit growth in discretionary categories like softlines and consumer electronics.
"The strength in consumer electronics was driven by TVs and computers," Naughton noted. "In addition, we would note the 2 YR core comp stack in the US was up 15%, the highest numbers we have seen since the recession. Bottom line, we continue to recommend this best in class global growth retailer given strong returns on capital, consistent same store sales trends, and strong membership renewal rates."
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