Lower Gasoline Prices Impact Warehouse Clubs
New York City The falling price of gasoline in December impacted same-store sales for the month at both Costo Wholesale Corp. and BJ’s Wholesale Club.
Costco reported a 4% decline in same-store sales. However, excluding the impact of lower gas prices and currency fluctuations, U.S. same-store sales rose 2%, better than analysts had expected. International same-store sales excluding the impact of foreign exchange rose 9%.
BJ's Wholesale Club Inc. said Thursday its same-store sales grew 1.6% in December as lower gasoline sales weighed on results. Excluding gas sales, same-store sales grew 5.9%, surpassing Wall Street's expectations for 1.6% growth
For January, BJ's expects to report a 6% increase in same-store sales, excluding gasoline sales.