Costco sees sales, profits rise in second quarter

ISSAQUAH, Wash. — Costco Wholesale increased sales by 8% to $24.34 billion in the second quarter of 2013, the club retailer said Tuesday.

Sales for the first half of the fiscal year were $47.55 billion, a 9% increase over the first half of fiscal year 2012. The company's U.S. business had same-store sales of 5% for the quarter and 6% for the first half of the year, while profits were $547 million, compared with $394 million last year. Profits for the first half of the year were $963 million, compared with $714 million last year.

The results met or exceeded Wall Street analysts' expectations, though Guggenheim Partners analyst John Heinbockel gave the company's stock a "neutral" rating due to an anticipated profit slowdown in the second half of fiscal year 2013.

The company operates 622 stores, including 448 in the United States. Globally, the company plans to open 14 new stores this year and spend $2 billion on capital expenditures.