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IN BRIEF / EARNINGS

Costco Profit Rises 29% on Gas, Food Sales

May 28, 2004|From Bloomberg News

Costco Wholesale Corp., the largest U.S. warehouse-club chain, said fiscal third-quarter earnings rose 29% because sales of gasoline and food increased.

Net income climbed to $198.7 million, or 42 cents a share, from $153.8 million, or 33 cents, a year earlier. Sales increased 14% to $10.7 billion, the Issaquah, Wash.-based company said.

Costco's profit beat the 38-cent average estimate of analysts surveyed by Thomson First Call. Sales at stores open at least a year surged 11%.

Shares of Costco rose 63 cents to $38.07 on the NYSE.

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