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Costco CFO sees pressure on fourth-quarter gross margins

NEW YORK
Thu May 29, 2008 11:45am EDT

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NEW YORK (Reuters) - Costco Wholesale Corp (COST.O) Chief Financial Officer Richard Galanti said on Thursday that while the retailer had "pretty strong" gross margins in its fiscal fourth quarter last year, he does not expect the same for the fourth quarter this year.

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He made the comments on a conference call with analysts. Earlier in the day, Costco reported a 32 percent jump in quarterly profit, beating expectations, as shoppers flocked to its stores for discounts on food and gasoline.

(Reporting by Nicole Maestri; editing by John Wallace)
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