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 ISSAQUAH, Wash. (AP) - Wholesale club operator Costco Wholesale Corp. said Friday it expects third-quarter and full-year earnings will be below Wall Street expectations, citing lower gross margins than expected due to gasoline sales. But the company increased its quarterly dividend 15 percent.
Shares of Costco fell $3.85, or 8.8 percent, to close at $40.17 on the New York Stock Exchange. The stock has been trading at a 52-week range of $35.05 to $50.46.
The company forecast third-quarter earnings of 41 cents to 43 cents a share, fourth-quarter earnings of 63 cents to 67 cents a share, and 2005 earnings of $1.98 to $2.04 a share, excluding items.
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