Costco plans to open 28 new clubs (includes three relocations) during its current fiscal year, which ends in August.
Costco Wholesale Corp. reported a mixed second quarter with earnings that missed expectations but revenue that topped estimates as traffic increased, in-store and online.
On the the membership warehouse club giant’s earnings call, CEO Ron Vachris said that about one-third of Costco’s U.S. sales were products imported from other nations, with less than half from China, Mexico and Canada.
“In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices, and our teams will continue to rise to this challenge by leveraging our global buying power, strong supplier relationships and innovation,” Vachris said.
Costco’s net income totaled $1.79 billion, or $4.02 per share, for the quarter ended Feb.16, compared with $1.74 billion, or $3.92 per share, during the year-ago period. Analysts had expected earnings per share of $4.11.
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