Costco | featured news

Costco's fiscal second-quarter net income climbed 39 percent as it pulled in more money from membership fees, sales improved and it recorded a large tax benefit. The wholesale club operator earned $547 million, or $1.24 per share, for the period ended Feb. 17. That compares with $394 million, or 90 cents per share, a year earlier.

This isn't the most remarkable business statement ever. In fact, Costco coming out in support of a higher minimum wage is one of the more unsurprising ones. For Costco already pays well above minimum wage anyway. The only people who could be hurt by the rise are Costco's competitors. Costco Wholesale Corp. President and CEO Craig Jelinek is putting his name and company in the forefront of the latest drive to increase the federal minimum wage.

Most retailers, including Costco Wholesale Corp and Limited Brands Inc , posted better-than-expected sales gains at existing stores in August, in what is expected to be a healthy month as parents and students wrapped up back-to-school purchases.

AmazonSupply is a new Amazon initiative that will attempt to capture a portion of the commercial business with a powerful assortment of anything from materials and metal wires to office and janitorial supplies. Prices are low and shipping will be free on orders over $50.

Retail sales at major chain stores beat analysts' expectations, rising 4.4% year-over-year in August, according to Thomson Reuters' tally of 23 retailers. Discounters, including Target Corp. and Costco Wholesale Corp., did well as East Coasters stocked up before Hurricane Irene.

The retailer opted not to have the chargers, many of which were outdated, replaced for free under a program in California, saying that customers rarely, if ever, used them.

The top warehouse-style retailer in the U.S. said net profit climbed in the fiscal second-quarter as it posted higher sales, driven by international operations.

Mall-based chains continue to be hit hardest as consumers focus on necessities, but the warehouse club operator Costco’s results also missed analyst estimates.