Costco UK sales reach £3.5bn in 2021

Global warehouse club operator Costco has reported a 14.4% rise in sales in the year ended 29 August 2021.

As a result, in the 12 months the group revealed its sales increased to £3,582 million, despite the Covid-19 pandemic.

This is the Costco’s second year of double-digit growth over the pandemic period, following its 15.7% performance in the same period in 2020.

In accounts filed with Companies House, the group’s online operation saw a 69% grow to each £256 million in 2020/21.

Boosted by the ongoing roll-out of fuel forecourts to Costco’s 29 UK warehouses, sales from Costco’s warehouses were up 11.9% at some £3.3 billion.

READ MORE: Costco names Ron Vachris as new president and COO

Compared to 2020/21 gross margin rose by a full percentage point to 4.5% helping to increase its group operating figure up 149.7% to reach £84.4 million.

Commenting on the figures, IGD’s Retail Analysis’ senior retail analyst Patrick Mitchell-Fox said: “This second year of exceptional growth shows how even after the early phases of pandemic panic-buying were over, Costco was able to sustain strong sales growth as shoppers sought to make fewer trips and keep larger stocks of food and drink at home, especially while the out-of-home sector remained impacted by public health restrictions.

“In addition to strong demand for its food, drink and household ranges Costco also benefited from shoppers seeking to enhance their home environments with spending on electronics, furniture and garden products.”

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