Costco sales continue to surge in September
On Wednesday, Costco reported September revenue of $16.84 billion, up 16.9% from the same month a year ago, while same-store sales rose 15.5%. Jared Blikre breaks down the details on The Final Round.
Video Transcript
SEANA SMITH: Welcome back to "The Final Round." We have some breaking news here on Costco. Shares moving to the upside here after hours, after the company reported its comp sales for September and [INAUDIBLE] estimates. Jared Blikre joins us now with more. Jared.
JARED BLIKRE: That's right. The stock is up about a quarter percent in the post market here. You can see on the YFi Interactive, up about just over 2% over the last five days-- nice run for a staple. September total convertible sales, they were up 15 and 1/2%. Estimate was for 12%. And then the US comp sales, excluding fuel and currencies, that was up 16.7%. Estimate was 14.2%.
And just another note here, it's saying September sales were positively impact by two holiday shifts, Labor Day in the US and the Moon Festival in Asia. And so that gave the numbers a slightly bullish bias here.
And we're also tracking Citigroup, which is down now almost 1% that last time I checked here. They're down over 1% in the post market. That's more than a gain today. And that is due to a-- that is due to a report from the Fed and the OCC saying that they have to implement risk controls based on prior reported failures.
And the OCC is fining Citi $400 million for this. So the Fed cease and desist order, along with the OCC, directing the lender to, quote, "correct practices previously identified by the board in the areas of compliance, risk management, data quality, and internal controls." So we knew this was coming from before, but probably might be a little bit more than the Street was expecting here, Seana.
SEANA SMITH: All right, certainly a stock to watch as we turn our focus to tomorrow's opening bell.
