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Costco Q1 profit disappoints
Issaquah, Wash. – Costco Wholesale Corp. increased profit and sales during the first quarter of fiscal 2014 that missed Wall Street expectations hurt by a 5.5% rise in operating expenses, lower gasoline prices, and weak foreign currencies.
Profit rose 2% $425 million, from $416 million a year earlier.
Net sales rose 5% to $24.47, missing estimates of $25.4 million.