Patrick T. FALLON / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images
- Costco says it will open roughly 24 new locations in the US and seven international warehouses.
- Revenue from membership fees grew faster than sales for the quarter after a crackdown on membership sharing.
- The wholesale club currently has 871 locations in 14 countries around the world.
Costco plans to open 31 new locations this year, including approximately 24 in the US and the company's sixth location in China in early 2024.
CFO Richard Galanti announced the news Thursday during an earnings call in which the company reported quarterly sales of $56.7 billion, up 6.1% from last year.
Revenue from membership fees increased more than 8% for the quarter following a months-long crackdown on member card sharing.
"We are finding more opportunities in the US," Galanti said, explaining that the company still plans to increase its rate of international openings.
Galanti also said 2 locations would be relocated.
The number exceeds the 23 warehouses opened in the 2023 fiscal year. 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.
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.
Costco currently operates 871 locations around the world, with 600 in the US and 271 across 13 other countries.
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