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After announcing a slew of stores that it will be opening over the summer and into fall, Costco (COST) has added even more locations, with three new additions slated for November grand openings.
Costco announced back in December 2021 that it would be opening a number of new stores over the course of 2022 as it looks to grow its brick-and-mortar footprint. Expansion has been a departure for most major retailers, which are focused on e-commerce sales.
The wholesale retailer has seen a sales boon over recent months as shoppers flock to its clubs for discounted merchandise. The company does offer an e-commerce site for its club members but has continued to expand its locations as its physical-store model continues to see success.
In fall 2022, Costco has plans to open three new U.S. stores in Redding, California; Logan, Utah; and Liberty Township, Ohio. It is also adding to stores in Athens, Georgia; University City, Missouri; and Ankeny, Iowa; which are also slated to open in November.
These stores will follow additional openings in October in Queen Creek, Arizona, and Lake Stevens, Washington, as well as an international location in Gocheok, South Korea.
The tail end of summer will also be a busy time for Costco as the company adds U.S. locations in St. Augustine, Florida; College Station, Texas; Murrieta, California; and Verona, Wisconsin. Two international stores will also be going up in Auckland, New Zealand, and Gimhae, South Korea.
In May, Costco released its third-quarter earnings report, announcing a net sales increase for the quarter of 16.3% to $51.61 billion, up from $44.38 billion in 2021. Over the first 36 weeks of the year, net sales increased 16.4% to $151.97 billion, up from $130.61 billion last year.
Costco is set to release its Q4 2022 earnings in September.
As of Monday at 10:30 a.m. ET, shares of Costco were trading at $524.74, up $1.79, or 0.34%.
Photo: Saul Loeb/AFP/Getty Images
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