Costco profit falls in Q2, sales hurt in foreign markets
Despite growing its membership base, Costco reported second quarter earnings and profit that missed expectations Wednesday as foreign markets were hit hard by a strong dollar.
The wholesale retailer said sales for the quarter ended Feb. 14 increased from $27.5 billion in the year-ago quarter to $28.2 billion, but that still fell below analyst estimates for revenue of $28.5 billion, according to S&P Global Market Intelligence. Costco grew its member base, collecting $603 million in fees vs. $582 million in the year-ago quarter. Costco members pay at least $55 a year in order to shop the... read more
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