Global wholesale group Costco has bought the 45% stake it did not already own in its Taiwan joint venture, Costco-Taiwan, for $1.05 billion.

Costco revealed in a statement that the deal, executed through a unit, is expected to add to the company’s earnings per share by 1% to 1-1/2%.

Currently, the wholesaler operates 833 warehouses around the world, which includes 14 in Taiwan. It also operates e-commerce sites on the island.

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

The news comes as Costco reported a 14.4% rise in sales in the year ended 29 August 2021. In the 12 months the group revealed its sales increased to £3,582 million, despite the Covid-19 pandemic.

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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