Costco in Australia has recorded sales of over AU$2bn for the first time.
Growth of over 18%
The retailer's Australian revenue was recorded as AU$2.159bn for the 52 weeks to September 2019, up 18.5% from AU$1.822bn in 2018. Its operations in Australia continue to perform well, with growth accelerating against the 14% growth recorded in its 2018 financial year. Costco now has 11 store trading in the market and has started testing online, offering deliveries for businesses within a 10km radius of its Melbourne Docklands store. Despite the impressive sales growth, profitability declined to AU$25.5m from AU$29.5m in 2018.
12th store to open soon...
Costco has plans to roll out its online service more widely, as well as continue to expand its network, with its next store to open at Perth Airport in early 2020, its first in Western Australia. The retailer has four stores trading in Melbourne, three in Sydney, two in Brisbane, one in Canberra and one in Adelaide. It has also previously announced ambitions to open stores beyond Australia's major metropolitan areas, in locations such as Townsville and Rockhampton.