US wholesaler Costco plans to enter Spain next spring, its eighth overseas market.
Costco is aiming to open two stores in Spain “next spring and summer”, CFO Richard Galanti said today (9 October).
The entry into Spain forms part of Costco’s plans to “ramp up” its store openings in the wholesale’s new financial year, Galanti added. Costco plans to open 36 outlets across the US and overseas, compared to 26 last year.
The plans were announced as Costco booked a 19.3% increase in net income to US$2.04bn for the year to 1 September. Operating income grew 10.7% to $3.1bn. Revenue was up 6% at $102.9bn.
Fourth-quarter earnings were up but came in below analyst estimates, according to a poll by Thomson Reuters.
Nevertheless, shares in Costco were up 2.12% at $114.59 at 16:00 ET.