Costco booked a 5% increase in group sales for the first-quarter today (5 December), as the group was able to shrug off the impact of gasoline price deflation and foreign exchange headwinds.

Costco said that total sales for the 12 weeks to 24 November invreased to US$24.47bn, up from $23.2bn in the comparable period of last year.

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The company revealed that comparable sales rose 3% in the US and 1% at its international operations. However, excluding the impact of FX and lower gas prices US and international sales would have gained 4% and 6% respectively.

Costco has been increasing its rate of store openings and the company plans to open 36 outlets in the US and overseas during this financial year, compared to 26 last year. The group recently announced plans to enter Spain, its eighth international market.

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