UPDATE: Costco Posts Downbeat Q1 Profit

Costco Wholesale

reported a weaker-than-expected first-quarter profit. Costco's quarterly profit surged to $425 million, or $0.96 per share, versus a year-ago profit of $416 million, or $0.95 per share. However, analysts were expecting earnings of $1.02 per share. Costco's sales climbed 5%, while sales at stores open at least a year gained 3%. Costco shares closed at $120.04 yesterday.