Costco focuses on Asia-Pacific
North American discount retailer is eyeing Asia-Pacific as a primary source of sales growth.
Costco stated in its second quarter update that it plans to open 14 warehouse stores until September, half of which will be in Australia and Asia. It was not specific where the other new Asian stores would go.
Sister site InsideRetail.com.au has reported that in addition to the three existing stores in Australia, Costco is planning more in Victoria and NSW along with its first foray into Queensland. And South Australia may also be in its sights.
The wholesale giant booked $547 million net income in the quarter to February 17, up from $394 million a year earlier.
Costco currently operates 622 warehouses, including 448 in the US and Puerto Rico, 85 in Canada, 32 in Mexico, 23 in the UK, 13 in Japan, nine in Taiwan, nine in Korea and three in Australia.