This is How Many People Signed Up at the First Costco in China

Costco just recently revealed how many people had signed up for a Costco membership at its first store in China.

The bulk wholesaler opened its first-ever store in China’s Shanghai on August 27th and news reports had said that the crowds got so big that the store was forced to cut the opening day short over safety worries.

Costco Chief Financial Officer Richard Galanti remarked to investors at a Goldman Sachs conference Wednesday that 139,000 people signed up for memberships at the store on day one.

Galanti said in a May conference call with analysts it plans to open its second warehouse in China within the next two years.

Costco also recently reported August sales results.

For the 16-week fourth quarter ended September 1, 2019, the Company reported net sales of $46.45 billion, an increase of 7.0 percent compared to net sales of $43.41 billion during the similar period last year.
For the 52-week fiscal year ended September 1, 2019, the Company reported net sales of $149.35 billion, an increase of 7.9 percent from the $138.43 billion during the similar period last year.

The company operates 783 warehouses, including 544 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, one in Iceland, one in France, and one in China.

It also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, and Taiwan.

Disclaimer: We have no position in Costco Wholesale Corporation (NASDAQ: COST) and have not been compensated for this article.