Costco October same-store sales fall 1 percent

Excluding the foreign exchange rates, same-store sales would have climbed 3 percent.

Analysts polled by Thomson Reuters expected a same-store sales increase of 3.6 percent.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

Retailers have struggled as consumers have curbed discretionary spending due to the ongoing housing downturn, eroding credit, rising gas costs and recession worries. However, warehouse operators had been among those whose sales had not been as heavily hit, as consumers purchased their bulk items in an attempt to save money.

Total sales for the period ended Nov. 2 rose 2 percent to $5.3 billion.

The company said fuel price changes had no material impact on its sales results.

Costco runs 546 warehouses including 400 in the U.S. and Puerto Rico, 76 in Canada, 20 in the United Kingdom, six in Korea, five in Taiwan, eight in Japan and 31 in Mexico.

The company plans to hold its annual shareholders meeting on Jan. 28, 2009.