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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 Sinegal’s 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 BJ’s Wholesale Club (BJ) said same-store sales rose 11.5%, or 7.9% excluding gasoline. BJ’s 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.
Kohl’s (NYSE:KSS) said same-store sales actually declined 1.9% in August.
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