US warehouse retailer Costco has booked an increase in income for the first half of its financial year, with sales boosted by higher gas prices.

The company said yesterday (29 February) that first-half income totalled US$714m, or $1.62 per share, up from $660m, or $1.49 per share, last year.

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Net sales in the six month period rose 11% to $43.69bn, up from $39.27bn in the first half of last year.

Commenting on the result, Costco said that the gains reflected higher gasoline prices, which more than offset the negative impact of currency exchange. Excluding these effects, comparable sales were up 7%.

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