Costco Net Misses Estimates as the Chain Boosts Discounts
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Costco Wholesale Corp., the largest U.S. warehouse-club chain, reported fiscal first-quarter profit that trailed analysts’ estimates even as sales climbed as it offered greater discounts.
Net income in the quarter ended Nov. 24 rose to $425 million, or 96 cents a share, from $416 million, or 95 cents, a year earlier, the Issaquah, Washington-based company said today in a statement. Analysts projected profit of $447.5 million, according to data compiled by Bloomberg.