Business

market movers

Costco profit slump worse than forecast

Costco currently operates 649 warehouses, including 462 in the United States.

Reuters/File 2013

Costco currently operates 649 warehouses, including 462 in the United States.

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Costco Wholesale Corp., the largest US warehouse-club chain, reported that its net income in the quarter ended Feb. 16 fell 15 percent to $1.05 a share, from $1.24 a year earlier. Analysts had projected profit of $1.17, the average of estimates compiled by Bloomberg. Net income came in at $463 million, versus $547 million a year before.

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