Issaquah, Wash. – Costco said total sales rose 7 percent last month to $7.9 billion with little contribution from CE.
The No. 1 wholesale club said CE comp sales fell in July, led lower by “softer sales” of TVs, cameras and computers.
Total U.S. comps rose 3 percent excluding gasoline sales, traffic rose 4 percent, and average transaction size was flat.
In a research note, Janney Montgomery Scott retail analyst David Strasser said the CE downturn represents “a changing trend in the CE business,” confirming industry channel checks. Nevertheless, the chain’s traffic and comps still remained consistently strong, “highlighting Costco’s ability to continue to provide value and gain market share in a soft month across all retail,” he wrote.