Retail

Costco Squeaks By Last Year’s Sales

Costco's latest quarterly earnings report paints a less than rosy picture for the warehouse club retailer.

After Amazon’s $13.7-billion acquisition of Whole Foods, others in the grocery industry saw their shares slide.

One company that’s escaping the Amazon fray is Costco Wholesale Corp. as the company just shared its same-store sales for the month of June, which surpassed expectations. Following the news of the wholesaler’s increased year-over-year sales for June, its shares rose 2.1 percent to $161.35.

As other grocery stores’ stocks sank on worries of Amazon getting $800 billion of the market, Costco’s rose.

Same-store sales overall in the U.S. saw a 6.3 percent increase in June, which is above analyst Stifel Nicolaus & Co.’s 3.9 percent prediction.

As Amazon works to figure out its next move with Whole Foods, it’s likely that we’ll see the grocery market balance itself out pending any major announcements from the eCommerce giant.

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