ISSAQUAH, Wash. — Costco Wholesale Corp. here anticipates becoming slightly more aggressive on the number of domestic warehouse openings under its new chief executive officer, a company executive said Thursday.
According to Richard Galanti, executive vice president and chief financial officer, Costco plans 16 new locations this year — 10 in the U.S. and six in Asia — of which 10 have already opened. Asked about the slowed pace of openings in the last few years — 15 to 20 locations a year — Galanti said, “Next year is starting off stronger in terms of the number of openings. And Craig Jelinek [president and CEO since January] has indicated a desire to ramp that up a little — to get a few more openings done more quickly — but to do it within the controls we have.”
Galanti made his remarks during a conference call to discuss financial results for the third quarter and 36 weeks ended May 6. Net income for the quarter rose 19.1% to $386 million, while sales increased 8.2% to $21.9 billion and comparable sales, excluding fuel and foreign exchange rates, rose 5%; for the year to date net income jumped 11.8% to $1.1 billion, with sales up 10.2% to $65.5 billion and comps, excluding fuel and foreign exchange, up 7%.
