Costco comparable store sales slip in March

By Yasin Ebrahim

Investing -- Costco reported Wednesday comparable store sales slightly fell in March, driven by weakness in its core U.S. and Canada markets as consumers feel the pinch from higher costs.

Costco Wholesale Corp (NASDAQ: COST) was 3% lower in aftermarket hours following the report.

Net sales rose to $21.71 billion in the five weeks ended Apr .2, increased 0.5% from $21.61B last year.

Comparable sales fell 1.1%, paced by a 1.5% and 2.4% decline in the U.S. and Canada respectively, offsetting a 2% rise in international comp sales. E-commerce sales fell 12.7%.

Comparable sales, excluding the impacts from changes in gasoline prices and foreign exchange, were 2.6% higher, with the U.S., Canada, and international up 0.9%, 7.4% and 7.6% respectively.

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