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 ISSAQUAH, Wash. (AP) - Warehouse retailer Costco Wholesale Corp. said Thursday its fiscal third-quarter profit declined 4.9 percent due to a charge, but sales advanced at a double-digit pace.
Income for the quarter ended May 13 slid to $224 million from $235.6 million. Per-share earnings were flat at 49 cents.
The latest quarter includes a $30.3 million charge to reflect the reduced gross margin on estimated future returns recorded in the increased sales return reserve. Excluding the item, earnings per share were 56 cents, in line with the average analyst estimate, according to a Thomson Financial survey.
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