Costco Wholesale Corp.'s fiscal second-quarter earnings rose 9% as the biggest U.S. chain of warehouse clubs opened more stores and boosted sales of items such as electronics.
Net income rose to $192.6 million, or 41 cents a share, from $176.6 million, or 38 cents, in the year-earlier period, the company said. Sales, including membership fees, climbed 13% to $9.38 billion.
Costco and discount chains such as Wal-Mart Stores Inc. have benefited from consumers who want to stretch their budgets in a recession, analysts said. Sales were helped by the 21 stores Costco opened since the fiscal year began in September, Chief Financial Officer Richard Galanti said.
Shares of Costco fell $1.95 to $39.04 on Nasdaq.