Costco's Q4 profit up, will up membership fees

Issaquah, Wash. -- Costco Wholesale Corp. reported Wednesday that net income for the fourth quarter rose 11% to $478 million, compared with $432 million in the year-ago period. The warehouse club operator also said it is hiking its membership fees 10% as it tries to keep its prices on products low to drive sales and traffic. Revenue rose 17% for the quarter to $28.18 billion. The company opened 20 new warehouse clubs during the year. It plans to open 20 stores in the coming year, about half in the United States.