UPDATE: Costco Posts Upbeat FQ2 Profit

Costco Wholesale

reported a 39% rise in its fiscal-second-quarter net income. Costco's quarterly earnings surged to $547 million, or $1.24 per share, from $394 million, or $0.90 per share, in the year-ago period. Its net sales rose to $24.34 billion from $22.51 billion, while net revenue climbed to $24.87 billion from $22.97 billion. However, analysts were expecting a profit of $1.05 per share on sales of $24.34 billion. Costco shares closed at $102.44 yesterday.