Issaquah, WA Mar. 2--Costco Wholesale Corp. said fiscal second-quarter earnings jumped 25%, as sales were boosted by stronger foreign currencies and the recently ended grocery strike in southern California.
The warehouse-club operator Wednesday reported net income of $226.8 million, or 48 cents a share, for the 12-week period ended Feb. 15, compared with $182.1 million, or 39 cents a share, a year earlier. Results for the year-earlier quarter included a charge of $16 million, or three cents a share, for an increase in workers' compensation loss reserves.
Total revenue, including net sales and membership fees, rose 14% to $11.55 billion from $10.11 billion. Comparable-store sales, or sales in stores open at least a year, climbed 11%, rising 10% in the U.S. and 20% abroad.
Costco operates 431 warehouses in the U.S., Canada, the United Kingdom, Korea, Taiwan, Japan and Mexico. The company plans to open seven to eight new warehouses by Aug. 29, the end of its fiscal year.
Costco also reported that sales for the four-week period ended Feb. 29 rose 14% to $3.49 billion. Comparable-store sales increased 11% for the month.
