Costco Company – As at the year 2018 November, Costco Company has 766 warehouses in the whole world, that’s 533 warehouses in 44 states in the United States and Puerto Rico, 100 in the provinces in Canada, 39 in Mexico, 28 in the united kingdom, 26 in japan, 15 in Korea, 13 in Taiwan, 10 in the states of Australia and their capital territory, 2 in Spain, 1in Iceland and 1 in France.
Online Method of Costco Company
In the year 2014 when Costco was declared the largest retailer in the United States, the management announced that they would open an online store in china using a group called Alibaba.
The Current Costco Wholesale Corporation
Costco has main competitors in the United States which are operating the same membership warehouses areBJ’s Wholesale club and Sam’s club.
Costco has 205,000 part time and full time employees all over the world, it had 85million members in the year 2016 and 90.3muillion members in the year 2017.
It’s the first company to grow from nothing to $ 3billion on sales made within the limit of below 6 years.
When the year 2012 was ending on august 31st, the company sold a total of $97.062billion making a profit of $1.709billion.
Costco was named number one in the specialty retail store industry by American cust0omer satisfaction index with a score of 84% in the year 2014.
Right from the year 2013, the company’s board was chaired by Jeffrey H. Brotman the co-founder and James Sinegal the director and the co-founder plus the two officer of the institution, that’s: W Craig Jelinek and CFO Richard A.Galanti.
On 1st August the year 2017, Mr. Jeffrey Brotman passed away and therefore the same month of the year the others maintained the board.
In the year 2018 the company reported its earnings of US $3.134billion yearly revenue of $141.176billion realizing an increase of 9.7% of their previous earning report.
The company’s shares traded with at least $205 per share and valued market capitalization of at least US $95.7 billion on October the year 2018.
In the year 2005, the company earned a revenue of $52,935, net income of $1,063, price per every share of $34.32 with 433 warehouses and 118,000 employees.
In the year 2006, it earned a total revenue of $60,151, net income of $1,103, price per every share of $39.86 with 458 warehouses and 127,000 employees.
In the year 2007 the company earned a total revenue of $64,400, a net income of 1,083, and price per share of $45.68 with 488 warehouses and 127,000 employees.
The year 2008 Costco got a revenue of $72,483, net income of $1,283 and a price per share of $49.31 with 512 warehouses and 137,000 employees.
Year 2009, the company earned a revenue of $71,422, net income of $1,086 and a price per share of $39.58 with 527 warehouses and 142,000employees.
Year 2010, the company earned a revenue of $77,946, net income of $1,303 and a price per share of $48.12 with 540 warehouses and 147,000 employees.
Year 2011, the company earned a revenue of $88,915, net income of $1,462 and a price per share of $63.22 with 592 warehouses and 164,000 employees.
Year 2012, the company earned a revenue of $99, 137, net income of $1,709 and a price per share of $75.16 with 608 warehouses and 174,000 employees.
Year 2013, the company earned a revenue of $105,156, net income of $2,039 and a price per share of $98.38634 with 527 warehouses and 184,000 employees.
Year 2014, the company earned a revenue of $112,640, net income of $2,058 and a price per share of $108.19 with 663 warehouses and 195,000 employees.
Year 2015, the company earned a revenue of $116,199, net income of $2,377 and a price per share of $137.01 with 686 warehouses and 205,000 employees.
Year 2016, the company earned a revenue of $118,719, net income of $2,350 and a price per share of $145.03 with 715 warehouses and 218,000 employees.
Year 2017, the company earned a revenue of $129,025, net income of $2,679 and a price per share of $163.31 with 741 warehouses and 231,000 employees.
Year 2018, the company earned a revenue of $141,576, net income of $3,134 and a price per share of $205.85 with 758 warehouses and 245,000 employees.
They focus on to selling their products at an affordable price mostly when bought in bulk.
They market their products and sell them to large families and business institutions, in addition, Costco doesn’t have varieties of brands of the same items, unless the item is from the house brand.
This leads to a higher volume of sales and low price because of the marketing of the products.
Whenever Costco detects the high wholesale price of a product, they stop stocking the product for a while.
This happened in the year 2009, when Costco declared to stop selling Coca-Cola products because the soft drinks manufactures refused to reduce the wholesale price and they resumed selling in the following month.
They don’t stock extra bags for packaging or materials this saves their money because when the customer comes, they use their own packages.
They reduce lighting on the sunny days because most of the company’s locations have skylights, they measure the amount of light getting in during the day and saves their electricity.
They deliver their products in pallets in the warehouse because the pallets help to display them on the warehouse’s floor ready for sale.
They have dynamic products because they deal with one type of a product at a time.
Their products will always depend on seasons, therefore they may continue using them or discontinue using them.
They have expanded their range of product and services gradually on a day today basis, because when it started they were selling only products in boxes but it now sells products which are not easy to handle like arts and caskets and others.
However the products which require preservation are kept in a mobile refrigerator especially with dairy products.
They also have stores for liquor, these are kept away from the main warehouses so that they can comply with drugs rules.
Costco introduced a signature Kirkland as their private label in the year 1992, they use it in their website to sell their products and services.
They got the name from cooperate headquarter in Washington, the main reason why they came up with private labeling was to provide branded, named and quality products at discount prices.
They give information about their products and services through magazines that are distributed to Costco members for free.
You can also access the information online for free without charge.
It offers free services especially to the members who buy electronics to guide them in answering the questions they may have as the operation is concerned.
They have a subsidiary called Costco travel which provides leisure travel to Costco members in the United States and in Canada.
Costco Food Services
Most of the Costco location worldwide have food courts, they have the same menu and they are mostly indoors.
Costco online Photo Site
They offer online photo printing which was signed as an agreement with photo channel to offer digital platform.
They later disabled the site and there is no confirmation to whether it’s still working or not to date.
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Costco Online Shopping
They introduced B2B online site for shopping which is found at costco.com for reliable and easier shopping.
Costco.com was loved by customers and attracted around 58million visitors in the year 2008 that’s according to the survey conducted by compete.com.
Costco.com belongs to the United States members while costco.ca belongs to the Canada members and other countries, remember each of them has an online shopping website.
The Company’s Business Center
Their business centers are warehouses, and are ever open to all Costco members despite the type of membership.
In business centers they usually don’t carry consumer items like clothing, but if they are to carry larger quantities they definitely carry.
They don’t offer consumer related services but some few of them have food courts and gas stations in them.
They have print and copy centers which provide professional services, they have large areas for parking of trucks which help them deliver goods to business people in large quantities.
They have shorter opening hours as compared to regular warehouses.
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