Costco Reports 24% Increase in Net Income

Costco Wholesale Corp., the largest U.S. wholesale club chain, said earnings for its fiscal fourth quarter rose 24% as the company controlled costs and sold more gasoline.

Net income in the quarter ended Aug. 29 increased to $296.8 million, or 62 cents a share, from $239.4 million, or 51 cents, a year earlier, the Issaquah, Wash.-based company said. Sales climbed 11% to $14.8 billion.

Shares of Costco rose $1.72 to $44.65 on Nasdaq.