Costco’s Australian profits surge as sales exceed $1 billion

 In Australia, Costco, NewZealand
Discounter Costco Wholesale appears to have finally achieved critical mass, six years after entering Australia, reporting a strong rebound in profit in 2015 as sales soared to $1.3 billion.
Accounts lodged with the corporate regulator last week showed Costco Wholesale swung to pretax profit of $22.7 million in the 12 months ended August 31 from a pretax loss of $10.7 million in 2014, when the company invested heavily in new stores, and a $4 million profit in 2013.
Revenue jumped 50 per cent in 2015 to $1.323 billion from $878.5 million as sales grew at existing stores and the discounter opened two new stores, taking its network of warehouse-style stores to eight.
Costco opened its first store in Adelaide in November 2014 and its third store in ­Melbourne, at Moorabin, last month. Sydney Morning Herald – Read more…

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