Warehouse-club operator Costco Wholesale Corp. reported nearly flat first-quarter profit Thursday, citing the stronger dollar and cuts by U.S. consumers in spending on nonessentials.
Profit for the three months ended Nov. 23 rose less than 1 percent to $262.5 million, or 60 cents per share, from $262 million, or 59 cents per share, a year earlier. The results include charges of 5 cents per share related to an accounting adjustment stemming from life-insurance contracts and a write-down on corporate investments. Revenue rose 4 percent to $16.39 billion from $15.81 billion last year. It comes as no surprise that during these economic times Americans will be buying more in bulk to save money.
Profit for the three months ended Nov. 23 rose less than 1 percent to $262.5 million, or 60 cents per share, from $262 million, or 59 cents per share, a year earlier. The results include charges of 5 cents per share related to an accounting adjustment stemming from life-insurance contracts and a write-down on corporate investments. Revenue rose 4 percent to $16.39 billion from $15.81 billion last year. It comes as no surprise that during these economic times Americans will be buying more in bulk to save money.
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