Warehouse store Costco Wholesale (NASDAQ:COST) said today CEO Jim Sinegal has informed its board he will step down from his position as of January 1, 2012.
The company said it has tapped president and chief operating officer Craig Jelinek to serve as president and CEO following Sinegalís departure. Sinegal will remain with the company in an advisory role through 2013.
Jelinek began with Costco in 1984 as a warehouse manager.
Costco also reported same-store sales for August, along with other retailers.
Same-store sales rose 11%, or 7% excluding gasoline, ahead of analyst expectations.
U.S. sales were up 9%, or 6% excluding gasoline.
Rival BJís Wholesale Club (BJ) said same-store sales rose 11.5%, or 7.9% excluding gasoline. BJís said sales ahead of Hurricane Irene boosted sales by 2.5% to 3%.
Target (NYSE:TGT) reported a 4.1% increase in August same-store sales, ahead of analyst estimates.
Kohlís (NYSE:KSS) said same-store sales actually declined 1.9% in August.
This Article's Word Cloud:AugustClubCostcoCraigDefinitionIreneJelinekKohlMarketNYSESinegalTargetWholesaleactuallyadvisoryaheadalongalsoanalystboardboostedchiefcompanydeparturedownexcludingexpectationsfollowingfromgasolineincreaseinformedofficeroperatingotherpresidentremainreportedrosesaidsalessameservestepstoretappedwarehousewerewillwith
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.