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Costco Q2 profit rises on cheap gasoline
New York City -- Costco Wholesale Corp. posted a bigger-than-expected rise in quarterly profit on Wednesday. Rising gasoline prices had a positive impact on sales at Costco, which prices its fuel below nearby stations.
Net income in the quarter ended Feb. 12 rose 13% to $394 million, from $348 million a year earlier.
Sales rose 10% to $22.51 billion. Same-store sales rose 8%, better than analysts had expected. -
End of bankruptcy in sight for A&P
NEW YORK — After more than a year since it first filed Chapter 11, A&P has won approval to exit bankruptcy. The company announced that the U.S. Bankruptcy Court in White Plains, N.Y., has approved its reorganization plan, which includes $490 million in debt and equity financing from Ron Burkle's Yucaipa Cos.