Costco Plans to Open 24 New Warehouse Stores in the U.S., Reports Earnings Up 6.1% | Trade and Industry Development

Costco Plans to Open 24 New Warehouse Stores in the U.S., Reports Earnings Up 6.1%

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Dec 18, 2023
On an earnings call last week, Costco CFO Richard Galanti, the company revealed plans to open 31 new locations, including about 24 new warehouse stores in the U.S. and the company's sixth location in China.

On an earnings call last week, Costco CFO Richard Galanti, the company revealed plans to open 31 new locations, including about 24 new warehouse stores in the U.S. and the company's sixth location in China. The company also reported quarterly sales of $56.7 billion, up 6.1% from last year, reports Business Insider.

"We are finding more opportunities in the U.S.," Galanti said, explaining that the company still plans to increase its rate of international openings. Revenue from membership fees increased more than 8% for the quarter following a months-long crackdown on member card sharing.

Warehouses range in size from 80,000 to 230,000 square feet, with the average clocking in at 147,000. Meanwhile, a proposed location in the works for Fresno, California, would top 241,000 square feet, making it the largest in the company's fleet.

The number exceeds the 23 warehouses opened in the 2023 fiscal year, reports Business Insider. The company's 2024 fiscal year is already off to a strong start, with ten openings in the first quarter.

Galanti has previously said the company's goal is to reach 30 new openings per year, with half of those in the US and half overseas.

Costco currently operates 871 locations around the world, with 600 in the US and 271 across 13 other countries.

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