Costco Q1 prof­it­misses an­a­lysts’ es­ti­mates

China Daily (Canada) - - BUSINESS -

Costco Whole­sale Corp, the largest ware­house-club chain in the United States, re­ported first-quar­ter earn­ings that missed an­a­lysts’ es­ti­mates af­ter sales slowed. Net in­come fell 3.2 per­cent to $480 mil­lion, or $1.09 a share, the Is­saquah, Wash­ing­ton-based com­pany said. An­a­lysts es­ti­mated $1.17 a share on av­er­age, ac­cord­ing to Bloomberg data. The dis­ap­point­ing re­sults come at a shaky time for the US re­tail in­dus­try. Con­sumer spend­ing at brick-and-mor­tar stores fell 10 per­cent to $20.4 bil­lion over the four-day Thanks­giv­ing week­end.

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