Costco Profit Falls as Demand Wanes From Wealthier Shoppers
- Second-quarter net income drops 8.7 percent, below estimates
- Company has been hurt outside the U.S. by stronger dollar
Low Gas Prices Hurt Costco Sales
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Costco Wholesale Corp. posted second-quarter earnings that trailed analysts’ estimates as higher-income shoppers show signs of curtailing spending.
Net income fell 8.7 percent to $546 million, or $1.24 a share, the Issaquah, Washington-based company said Wednesday in a statement. Analysts estimated $1.28 a share, on average. Same-store sales in the U.S., a closely watched measure by investors, increased 4 percent excluding the negative impacts from gasoline price deflation and foreign exchange, compared with an estimate of 4.9 percent.