Costco Wholesale (COST) reported weaker sales trends last month as the coronavirus resurgence weighed on foot traffic during the key holiday season. Costco stock was flat.
Core same-store sales, which exclude gas and forex impacts, in the five weeks through Jan. 3 increased 10.9%. That fell short of the Consensus Metrix estimate for growth of 11.2%.
Comps rose 11% in the U.S., 5.7% in Canada, and 15.8% in other international locations. E-commerce sales jumped 61.6% over the period.
Net sales for the month increased 12.3% to $19.14 billion, slowing further from 15.1% growth in November and 16.5% gain in October.
For the 18 weeks ended Jan. 3, net sales rose 14.9%, comp sales grew 14.5% and e-commerce sales vaulted 74.8%.
Shares were unchanged, near 370, Thursday. Costco stock is forming a flat base with a 393.25 buy point, according to MarketSmith chart analysis. But the base has formed largely below the 50-day line and the relative strength line is lagging.
Costco stock gapped down in early December when it announced sales softened in November, as Covid-19 surged again in the U.S. and around the world.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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