Argus Research
Analyst Report: Costco Wholesale Corp
Costco operates 828 stores, for paying members, averaging 146,000 square feet each. Fees from the company’s cardholders provided about 2% of its $196 billion in total FY21 revenue. Based in Issaquah, Washington, the company ended 4Q21 with 572 stores in the U.S. and Puerto Rico, 105 stores in Canada, 40 in Mexico, 29 in the United Kingdom, 30 in Japan, 14 in Taiwan, 16 in Korea, 13 in Australia, four in Spain, one in Iceland, one in France, and one in China. About 40% of sales are sundries (including candy, alcohol and tobacco); 14% fresh food; 18% hard-lines (including electronics and appliances); 12% soft-lines (including apparel and jewelry); and 16% other ancillary businesses, including gas stations, pharmacy, optical, hearing aids and printing. International stores represent about 27% of total sales and 33% of operating income. At the end of 4Q21, Costco had approximately 119 million square feet of floor space.
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