Exactly one week after its main rival exceeded earnings estimates, the United States’ biggest warehouse club – Costco Wholesale Corp – disappointed investors with a third quarter profit that fell short of expectations. Costco’s net profit fell 29% to US$209.6M or US$0.48 per share as consumers curtailed discretionary spending. Its bottom line was also hit by a pretax charge of US$34M involving a litigation settlement and lower international earnings. Costco shares fell 1.95% to $47.88 at yesterday’s close.
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