Costco second-quarter earnings rise 31 percent

ISSAQUAH, Wash. -- Warehouse club operator Costco Wholesale Corp. says its fiscal second-quarter earnings rose 31 percent 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 percent 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 and Wal-Mart Stores' Sam's Club have seen meaningful sales and margin growth despite a challenging U.S. economic backdrop against which many retailers have stumbled.