Wholesale retailer's quarterly earnings up from year-ago period that was hurt by charges, sales rise 12%.ISSAQUAH, Wash. (AP) -- Warehouse club operator Costco Wholesale Corp. says its fiscal second-quarter earnings rose 31% from a year-ago period that was hurt by multiple charges.
The Issaquah, Wash.-based company said early Wednesday net income grew to $327.9 million, or 74 cents per share, from $249.5 million, or 54 cents per share, in a year-ago period which included $53.4 million in charges.
Sales increased 12% to $16.62 billion from $14.80 billion a year ago.
Costco matched the earnings-per-share expectations of analysts polled by Thomson Financial and was just below the consensus revenue prediction of $16.85 billion.
Warehouse club operators like Costco (COST, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500)' Sam's Club have seen meaningful sales and margin growth despite a challenging U.S. economic backdrop against which many retailers have stumbled.
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