ISSAQUAH, Wash. (AP) — Costco Wholesale Corp.’s fiscal second-quarter net income rose 16 percent as the wholesale club operator made more from membership fees and saw strength overseas.
The Issaquah, Wash., company has been one of the stronger retailers in the slow economy as shoppers have flocked to its stores for deals on basics and more recently for housewares and other discretionary purchases.
Costco earned $348 million, or 79 cents per share, for the period ended Feb. 13. That’s up from $299 million, or 67 cents per share, a year ago.
The results met analysts’ expectations.
Revenue climbed 11 percent to $20.88 billion, topping Wall Street’s $20.4 billion estimate.
Sales at wholesale clubs open at least a year increased 7 percent. The figure rose 12 percent internationally and 5 percent in the U.S.
