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Costco Q2 profit falls 15%; will open 14 U.S. stores
Issaquah, Wash. – Costco Wholesale Corp. reported a bigger-than-expected 15% drop in net income for the second quarter amid deep-discounting during the holidays. Net income in the quarter ended Feb. 16 fell to $463 million from $547 million.
Costco blamed the lower earnings on several factors, including weaker sales of certain nonfoods merchandise categories and lower international profits. The year-ago period was also helped by a tax benefit.