ISSAQUAH, Washington ( TheStreet) -- Costco ( COST), the warehouse retailer, said net income in the fourth quarter rose about 10.6% as sales jumped 17%.

Costco, in a statement Wednesday, said it would increase annual membership fees by $5 for certain members. The increase is effective Nov. 1.

Net income in the fourth quarter was $478 million, or $1.08 a share, compared with $432 million, or 97 cents, a year earlier.

Sales in the quarter were $27.59 billion. Same-store sales rose 12% in the quarter, and 12% in September.

Analysts surveyed by Thomson Reuters expected Costco to earn $1.10 a share on revenue of $27.84 billion.

-- Written by Joseph Woelfel

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