Costco Will Open More Than 20 New Stores By 2022, CFO Says – Eat This Not That
Not all news is good news Costco fans in the last 365 days, with retailers fighting the ongoing shortage and stop favorite products. But as 2021 draws to a close, we have something exciting to share: The popular chain is growing, and a new warehouse could pop up in your neighborhood next year.
While discussing Costco’s finances for Q1 earnings call 9 with investors, Chief Financial Officer Richard Galanti revealed that many Costco warehouses are expected to open garage-sized by 2022.
If you recall, Galanti said back in September that the plan is to open at least 25 new locations by 2022—Includes stores in China, France, and New Zealand. After almost three months, and two new international units have been opened, as well as a handful of states. Currently, there are plans to build 23 new warehouses, plus 4 relocations of existing stores.
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“The past seven days have been hectic,” Galanti said on the December call, noting that the company “opened our second Costco in France last Saturday on December 4, followed by court Our second home in China, also opened yesterday. Like the two that opened this morning — opened today, one in the United States in Florida and our fourth in Spain.”
Costco saw a more than 16% increase in net revenue from Q4 (ended Aug. 29) to Q1 (ended Nov. 21) and it did well to overcome the supply chain issues vs. other retailers. While nearly 80% of Costco’s Pacific Coast containers are delayed an average of 51 days, Galanti said the warehouse chain is dealing with the issue “fairly well”.
Company previously charted three oceanic vessels for next year Galanti said to ship thousands of additional containers to the United States.
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