Costco Wholesale shares drop as June sales growth slows

Costco Wholesale's stock fell 4.23% after the retailer reported June net sales of $29.24 billion, up 10.6% year‑over‑year, and comparable sales rising 8.8%. Growth slowed from May, when net sales jumped 14.5% and comparable sales rose 12.5%, and adjusted same‑store sales increased only 7% in June versus 8% in May.

Investment manager Aljian Capital Management trimmed its Costco position by 2.1% in the first quarter, selling 1,171 shares and holding 54,656 shares worth about $54.5 million, which represents 11.2% of the fund’s portfolio and makes Costco its third‑largest holding.