Costco recorded a rise in second-quarter net income as the US warehouse club’s results were boosted by strong sales and higher gas prices.

The chain said today (2 March) that net income rose 16% to reach US$348m for the quarter ended 13 February, while net sales rose 11.4% to $20.45bn.

Excluding the impact of inflation in gas prices and stronger foreign currencies, comparable sales were up 4% on a consolidated basis. Sales were up 3% in the US and 8% in its international division.

For the first half, Costco recorded a 12% increase in net sales to $42.46bn, with comparable sales up 5% excluding the impact of gas and foreign exchange rates. Net income rose 16.8% to $660m.

Click here for the company’s full earnings statement.