(Reuters) - Costco Wholesale slightly beat Wall Street expectations for first-quarter revenue on Thursday, as more Americans turned to the membership-only retail chain to shop for everything from food to home furnishings for the holiday season.
The company's quarterly revenue rose to $62.15 billion, from $57.80 billion a year earlier. Analysts on average were expecting $62.08 billion, according to data compiled by LSEG.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Pooja Desai)
Costco Wholesale Corporation specializes in the distribution of products and services at discount prices (food, sports equipment, household appliances, books, toys, jewelry, TVs, cameras, photo developing and printing services, etc.). The group develops its activity through a network of warehouse stores opened to individuals or companies who have paid a subscription fee. Net sales break down by revenue source as follows:
- sales of products (98.1%);
- sales of subscriptions (1.9%).
As of 01/09/2024, Costco Wholesale Corporation had a network of 890 warehouse stores located in the United States and Puerto Rico (614), Canada (108), Mexico (40), Japan (35), the United Kingdom (29), Korea (19), Australia (15), Taiwan (14), China (7), Spain (4), France (2), Sweden, New Zealand and Iceland.
Net sales are distributed geographically as follows: the United States (72.4%), Canada (13.7%) and other (13.9%).
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