Pandemic fuels growth at wholesale group Costco

The UK division of US wholesale group Costco has reported a growth in turnover as sales climbed beyond £3.5bn.

According to its latest filed accounts for the year ended 29 August 2021, total sales rose 14.4% to £3.58bn from £3.12bn in 2020.

Gross profit increased to £161.9m from £109.5m, while pre-tax profit resulted at £91.3m, up 300% compared to £22.8m recorded the previous year.

Costco, which trades through 29 UK warehouses and online across multiple departments including home furnishings, said sales were driven largely by the pandemic related demand as it traded throughout the period, with growth in its warehouse business performing strongly across all categories.

Within its two main divisions, its online platform reported a surge in sales of 69% to £255.6m from £151.2m, with pre-tax profit resulting at £8m, significantly up from £226,000 the prior year. As for its warehouse division, sales rose 11.85% to £3.3bn from £2.9bn, with pre-tax profit resulting at £83.7m, jumping from £23m the previous year.

The company added that it delivered a strong performance in its home living category with high demand for furniture playing a key role in this sector.

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