Costco Q2 profit rises on cheap gasoline
New York City -- Costco Wholesale Corp. posted a bigger-than-expected rise in quarterly profit on Wednesday. Rising gasoline prices had a positive impact on sales at Costco, which prices its fuel below nearby stations.
Net income in the quarter ended Feb. 12 rose 13% to $394 million, from $348 million a year earlier.
Sales rose 10% to $22.51 billion. Same-store sales rose 8%, better than analysts had expected.