Costco 2Q net income rises, revenue climbs
Tuesday, February 28, 2012
ISSAQUAH, Wash. (AP) -- Costco Wholesale Corp. says its fiscal second-quarter net income rose 13 percent as sales improved and it made more money from membership fees.
The wholesale club operator reported Wednesday that it earned $394 million, or 90 cents per share, for the period ended Feb. 12. That's up from $348 million, or 79 cents per share, a year ago.
Revenue increased 10 percent to $22.97 billion.
Analysts expected earnings of 88 cents per share on revenue of $22.74 billion.
Revenue at stores open at least a year climbed 8 percent. The figure also rose 8 percent in the U.S. and overseas during the quarter. Excluding higher gas prices and the negative impact of foreign currencies, revenue at stores open at least a year increased 7 percent.
Costco, based in Issaquah, Wash., currently runs 600 warehouses.