CostCo (COST) beat consensus EPS but fell just short on revenue. the revenue weakness is related to the economy, this will be more evidence that consumer weakness is spreading even to discounters. (Wal-Mart has already said it has seen more evidence that customers are living paycheck to paycheck). Call at 11am ET.
Costco reported $0.67 per share for its fiscal quarter ending May 2008, vs consensus of $0.65. Sales were $16.26 billion, vs. $16.35 billion consensus.
Same-store sales rose 8% in total in the quarter. Same-store sales at US locations rose 6%, while international same-store sales advanced 16% (boosted by FOREX). Since the quarter ended May 11th, these numbers bode well for the May same-stores sales number. The current consensus for May is a 6.3% jump in same-store sales, but analysts now see 7-7.5% as a real possibility.
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