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U.S. Costco posts USD516m net income, falling sales
(MENAFN) Costco Wholesale Corp, the United States' warehouse club operator, recorded a net income of about USD516 million for this year in spite of declining sales due to rising oil prices, Reuters reported.
In addition, the company attributed the falling sales to the sturdy dollar, which resulted in reducing the value of sales from markets abroad. Revenue, however, increased by 1 percent, hitting USD25.52 billion.
According to Reuters expectations, the unanimously agreed upon profit was about USD1.15 per share and revenue of USD26.63 billion.
In addition, the company attributed the falling sales to the sturdy dollar, which resulted in reducing the value of sales from markets abroad. Revenue, however, increased by 1 percent, hitting USD25.52 billion.
According to Reuters expectations, the unanimously agreed upon profit was about USD1.15 per share and revenue of USD26.63 billion.
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