Costco reported a 10.6% year-over-year increase in June net sales to about $29.2 billion, yet shares fell roughly 4% to around $913. Stripping out gasoline prices and foreign exchange, total company comparable sales rose 7%, down from 8% in May and 7.8% in April, while U.S. adjusted comparable sales eased to 7.6% from 8.7%. Digitally enabled comparable sales, adjusted for currency, accelerated to 21.5%. The stock trades at about 46 times earnings, leaving little room for growth deceleration, and the company declared a regular quarterly dividend of $1.47 per share.
Costco Wholesale CorpAdjusted comparable sales growth decelerated to 7% from 8% in May and 7.8% in April, indicating cooling demand.