Why Costco Stock Dropped Today
Shares of Costco Wholesale (NASDAQ: COST) fell 6.6% on Thursday after the retailer announced a surprise drop in e-commerce sales.
Costco's net sales for the four weeks ended Nov. 27 rose 5.7% year over year to $19.17 billion. The company's pace of expansion decelerated markedly from the 7.7% growth it experienced in September and the 10.1% increase it posted in October.
Costco's comparable-store sales (comps) grew by 4.3%. Excluding changes in gasoline prices and foreign exchange rates, the discount warehouse chain's comps increased by 5.3%. Wall Street had expected comps growth of 7.7%.
Source Fool.com
