Key Costco July revenue metric rises 4 percent

ISSAQUAH, Wash. (AP) - Costco Wholesale Corp.'s revenue from established stores rose 4 percent last month, a performance that fell short of Wall Street estimates.

The Issaquah, Wash., wholesale club operator said Thursday its U.S. and international revenue each rose 4 percent in the four-week period that ended Aug. 4

Analysts surveyed by Thomson Reuters expected, on average, revenue growth of 5.1 percent for the total company and 4.5 percent and 5 percent, respectively, from the U.S. and international portions.

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

Costco's July revenue from established stores climbed 5 percent when excluding the impact of gasoline prices and foreign currency exchange rates. That included a 3 percent gain in the U.S. and an 8 percent increase internationally.

The company currently runs 632 warehouses, including 451 in the U.S. and Puerto Rico, 85 in Canada, 33 in Mexico, 25 in the United Kingdom, 17 in Japan, nine in Taiwan, nine in Korea and three in Australia. It plans to open two more warehouses before its fiscal year ends on Sept. 1.

Costco's total revenue rose to $7.87 billion in July, a 7 percent increase compared to last year's performance.

Shares of Costco closed at $119.34 on Wednesday, near the top end of its range over the past year of $93.51 to $120.20. The stock has climbed 21 percent so far this year.