Costco starts summer right with strong June sales

ISSAQUAH, Wash. — Costco has started the summer right, reporting sales of $9.92 billion for the month of June, the five-week period ended July 7, an 8% increase over the same period last year.

For the 44-week period that ended Sunday, sales were $87.05 billion, also an 8% increase over the same period last year. For the month and the 44-week period, same-store sales rose 6%.

Sterne Agee analyst Chuck Grom said that not counting the effects of foreign exchange rates and gas prices, the company's total same-store sales increased by 6.25%, higher than the firm's 5% forecast.

"Recall that we were modestly concerned that extreme weather conditions on the West Coast toward the end of the month would weigh on results along with a few less multi-vendor-mailer days this year (vs. last June)," Grom wrote. "Clearly our concerns were unwarranted in retrospect."