UK MD Jim Murphy insisted "everything is chugging along just fine" at Costco on this side of the Atlantic, in the wake of last week's profit warning from its parent company. "It's a case of so far so good on this side of the pond. The UK business is solidly profitable, with strong like for like sales." Costco Wholesale Corp slashed earnings estimates by 10% for the combined third and fourth quarters and 5% for the 2001 fiscal year. It blamed high energy costs and the economic slowdown in the US and Canada. Murphy said rapid expansion was also impacting the US balance sheet in the short term. He is finalising plans to open a 12th UK site in Chingford, with building likely to start in a couple of months. {{NEWS }}

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