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ISSAQUAH, Wash. -- Warehouse Club Costco Wholesale Corp. saw a 9 percent jump in same-store sales for the month of August, beating Wall Street's estimate of 8 percent. Net sales were $4.09 billion for the four weeks ended August 28, an increase of 12 percent from $3.64 billion in the same period year.
Reports speculate that the rise in gasoline prices are responsible for the boost in same-store sales; as gas prices rise, Costco members flock to the pumps for their low prices.
For the 16-week fiscal fourth quarter ended August 28, Costco reported net sales of $16.37 billion, an increase of 10 percent from last year's $14.83 billion.
For fiscal year ended August 28, the Company reported net sales of $51.87 billion, an increase of 10 percent from $47.15 billion during the prior fiscal year.