ISSAQUAH, WA — Wholesale giant Costco is reportedly giving Whole Foods a run for its money in the organic sales market.
In May the company’s net sales were $8.98 billion, up 2 percent from the previous period last year and a Seattle Times article reports that Costco’s CFO Richard Galanti said in a conference call discussing the company’s positive earnings that “sales of organic products exceeded $4 billion annually — up from a previous $3 billion-plus estimate given last year.” Which, according to financial research firm BMO Capital Markets, already puts it ahead of Whole Foods’ $3.6 billion in organic sales, the paper added.
Although the company was originally founded in San Diego in 1976 as the Price Club, a resource for small businesses, the first Costco warehouse didn’t open until 1983 in Seattle, WA. The expansion was an effort by the company to reach non-business customers. Costco and Price Club eventually merged in 1993.
Currently Costco has more than 674 warehouses globally with 475 in the United States and Puerto Rico, 89 in Canada, 35 in Mexico, 26 in the United Kingdom, 20 in Japan, 11 in Korea, 10 in Taiwan, seven in Australia and one in Spain. Plans are in the works for an additional 14 new warehouses to open by August 30, 2015.