Costco Profit Up 12% on Sales Increase, Cost Cuts

Costco Wholesale Corp.’s first-quarter earnings rose 12% as the largest U.S. chain of warehouse clubs boosted sales and cut some expenses.

Net income increased to $145.7 million, or 31 cents a share, from $129.7 million, or 28 cents, a year earlier. Revenue, including membership fees, rose 8.6% to $9.2 billion.

Shares of Issaquah, Wash.-based Costco rose $1.08 to 74 cents to $29.56 on Nasdaq.