X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ISSAQUAH, WA-Expect Costco Wholesale Corp. to ramp up expansion in 2011 and beyond, the company said at its first quarter 2010 conference call.

The company plans to open 16 to 18 new stores this year, 13 to 14 of them in the United States. That will grow to the low-20s in 2011 or 2012, and the high-20s beyond that, said Richard A. Galanti, executive VP and CFO. The company recently opened a smaller unit in Manhattan, opening a dim possibility of additional smaller stores.

“Never say ‘never,’ though Manhattan is unique,” Galante said. The company declined to open a store on a small site in Atlanta due to the costs of building what would have been a double-decker parking facility.

Net sales were $16.92 billion, up 6% from the first quarter of 2009. Comparable-store sales rose 3%, with US sales increasing 1% and international comps rising 13%. Net income was $266 million, or $0.60 per diluted share, compared to $263 million.

Costco currently operates 566 warehouses, including 413 in the United States and Puerto Rico, 77 in Canada, 21 in the United Kingdom, seven in Korea, six in Taiwan, nine in Japan, one in Australia and 32 in Mexico.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.