Costco pumps $140m into Aussie growth

September 24, 2010 § Leave a comment

Costco’s only Australian store made $8.9 million in sales and membership fees in its first two weeks of operation, as customers flocked to the warehouse discount outlet.  

But Costco Wholesale Australia made an overall loss of $14 million in the year to August 31, 2009, due to the costs of establishing its second store and headquarters in New South Wales, its special purpose annual report revealed.

The company had reported an annual loss of $2.4 million in the previous year due to the cost of establishing its maiden store at Melbourne‘s Docklands.

That store opened on August 17, 2009, and the annual report, filed with the Australian Securities and Investment Commission on Tuesday, reflects sales during its first two weeks of operation.

Costco now has 345 employees in Australia and an annual salary bill of more than $9 million.

The annual report also reveals that its parent company in America has injected another $140 million worth of capital into the company.

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