Garden furniture demand reduces at wholesale group Costco

The UK division of US wholesale group Costco has reported a growth in turnover as sales climbed beyond £5bn.

According to its latest filed accounts for the year ended 3 September 2023, total sales rose 17.2% to £5bn from £4.1bn in 2022.

Pre-tax profit resulted at £139.2m, up 15.2% compared to £120.8m recorded the previous year.

Costco, which trades through 29 UK warehouses and online across multiple departments including home furnishings, said that sales were driven by its food category, with non-foods decreasing following a previous benefit from the post pandemic uplift.

The group said that it saw a shift from members in reduced spend on items such as garden furniture and sporting goods, especially through its online platform.

Within its two main divisions, its online platform reported a slight decline in sales of 2.1% to £255m from £255.7m. Pre-tax losses resulted at £751,000, down from a profit of £664,000 the prior year. As for its warehouse division, sales rose 18.3% to £4.7bn from £3.9bn, with pre-tax profit resulting at £140.4m, jumping from £120.5m the previous year.

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