Profit at Costco Wholesale Corp., operator of the largest US wholesale club, topped expectations, helped by back-to-school sales and higher membership fees. The stock rose as much as 3 percent to a record high of $128.95, Reuters reported. Costco reported a 7 percent increase in quarterly same-store sales, excluding fuel sales. Net income rose 13 percent to $697 million. Revenue from membership fees rose 7.3 percent to $768 million. Overall revenue was up 9.3 percent to $35.52 billion.
Costco Wholesale stock surges as income rises
