Costco Wholesale Corp. on Friday said earnings for the rest of its fiscal year would likely miss Wall Street forecasts because of weaker profits from gasoline sales, sending its shares down 9%, Reuters reported.
The largest U.S. warehouse club operator said profit margins were lower than expected, principally from gasoline sales. Costco operates gas stations at many of its 334 U.S. stores. The retailer often charges less than traditional gas stations do in hopes of bringing customers in to its stores.
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