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Costco Q3 income tops forecasts
Costco Wholesale Corp. exceeded Wall Street expectations with improved net earnings in the third quarter of fiscal 2016.
Net income for the quarter totaled a better-than-expected $545 million, up 6% from $516 million the prior-year period.
Net sales increased 2% to $26.15 billion, just short of forecasts, and up from $25.52 billion last year.
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J. Crew narrows loss but sales still falling
J.Crew Group Inc. managed to narrow its loss in the first quarter even as it continued to struggle with sluggish sales.
The retailer’s net loss for the quarter totaled $8.4 million, significantly less than the net loss of $462.41 million from the first quarter of fiscal 2015. Reductions in cost of goods sold, selling, general and administrative (SG&A) expenses and impairment losses helped trim net loss.
Total revenues fell to $567.5 million from $581.8 million. Same-store sales dropped 7%.