Warehouse club Costco reports profit drop, but tops expectations

Costco Wholesale Corp. (COST) said Wednesday that its fiscal fourth-quarter profit fell 6 percent, partly on the stronger dollar and increased employee benefit costs, but results beat analysts' estimates.

The warehouse club operator earned $374 million, or 85 cents per share, for the quarter ended Aug. 30. That's down from $398 million, or 90 cents per share, a year earlier.