Costco reports higher quarterly profit

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Shopping carts are seen at a Costco Wholesale store in Glenview, Illinois, U.S. May 24, 2016. REUTERS/Jim Young (Copyright Reuters 2016)

Warehouse club retailer Costco Wholesale Corp reported a 1.6 percent rise in quarterly profit.

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Net income rose to $779 million, or $1.77 per share, in the fourth quarter ended Aug. 28, from $767 million, or $1.73 per share, a year earlier.

(Reporting by Sruthi Ramakrishnan and Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta)