Costco stock will probably take a hit today, but actually this seems like not-bad news to me:
Warehouse-store chain Costco Wholesale Corp. said Thursday its same-store sales dropped 5 percent in November, dragged down by declining gas prices and foreign exchange rates.
Excluding gasoline deflation and foreign exchange, the company reported a same-store sales increase of 3 percent.
Analysts polled by Thomson Reuters forecast a 2.4 percent same-store sales decline. Excluding gasoline, analysts expected a 0.3 percent drop.
There’s not a lot Costco can do about gas prices going down, and there’s not a lot they can do about exchange rates. It sounds like they’re controlling what they can control, and if you take away the stuff that can’t be controlled, things are humming along just fine.
I’m prepared to watch my stock go down in value, though 😦