Costco Drops After Missing Estimates, Fueling Retail Fears
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Costco Wholesale Corp. shares fell the most in three years after first-quarter earnings missed analysts estimates, showing that the company isn’t immune to a slowdown at brick-and-mortar chains.
Net income fell 3.2 percent to $480 million, or $1.09 a share, the Issaquah, Washington-based company said Tuesday in a statement. Analysts estimated $1.17 a share on average, according to data compiled by Bloomberg.