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Costco profit edges up 2.6% in Q1, misses Street
Issaquah, Wash. -- Costco Wholesale Corp. reported Thursday that profit for the quarter ended Nov. 20 rose 2.6% to $320 million, from $312 million a year earlier. The wholesale club operator attributed the lackluster performance, which missed Wall Street expectations, to higher costs, which offset increased revenue.
Costco's revenue rose to $21.18 billion, missing analysts’ predicted $21.29 billion in revenue.
Same-store sales rose 10%; excluding gas prices and strengthening foreign currencies, the figure rose 7%. -
Banana Republic opens in Paris
PARIS — Gap Inc. announced the opening of its first Banana Republic store on Avenue des Champs Élysées in Pais, France. According to the company, the 15,952-sq.-ft. space will house the brand’s women’s and men’s collections and represents the most contemporary expression of the brand globally.