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Costco’s net profit jumps, to open 5 new warehouses by Aug

Costco Wholesale Corp. said on Thursday fiscal third-quarter net profit rose 46 percent from a year earlier, when charges weighed on results.

The US’s largest warehouse-style retailer by revenue posted a net profit of USD306 million for the three months to 9 May, up from USD210 million a year earlier. Revenue rose to USD17.78 billion.

The company said it plans to open up to five new warehouses before the end of the current fiscal year on 29 August.

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(Source: The Wall Street Journal Online)