Costco Wholesale Corp. said Wednesday that profit for its latest quarter jumped 25 percent, as sales were boosted by stronger foreign currencies and the recently ended grocery strike in southern California.
The warehouse-club operator had net income of $226.8 million, or 48 cents a share, for the second quarter ended Feb. 15, compared with $182.1 million, or 39 cents a share, a year earlier.
Results for the year before included a charge of $16 million, or 3 cents a share, for an increase in workers’ compensation reserves.
Revenue, including net sales and membership fees, rose 14 percent to $11.6 billion from $10.1 billion.
Comparable-store sales, or sales in stores open at least a year, climbed 11 percent, rising 10 percent in the United States and 20 percent abroad.
Issaquah-based Costco operates 431 warehouses in the United States, Canada, Britain, 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 percent to $3.49 billion. Comparable-store sales increased 11 percent for the month.
