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Costco profit rises 13% as sales improve Add to ...

Costco Wholesale Corp. says its fiscal second-quarter net income rose 13 per cent as sales improved and it made more money from membership fees.

The wholesale club operator reported Wednesday that it earned $394-million (U.S.), 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 per cent 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 per cent. The figure also rose 8 per cent 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 per cent.

Costco, based in Issaquah, Wash., currently runs 600 warehouses.

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