Pork floss, crab and chicken: Costco reveals top sellers. Video / NZ Herald
Costco Wholesale New Zealand has celebrated a membership milestone this week but will not publicly confirm the numbers.
The American giant opened its $100 million-plus Auckland warehouse in Westgate in late September.
Images of staff celebrating memberships surfaced on social media this morning, all featuring Patrick Noone, Costco Australasia’s boss.
Costco US revealed that those who join usually renew their membership.
The company’s 2022 annual report said, “Our member renewal rate was 93 per cent in the US and Canada and 90 per cent worldwide at the end of 2022. The majority of members renew within six months following their renewal date.”
This theoretically adds up to $9m in membership fees alone.
Costco NZ staff, with Australasian boss Patrick Noone (far right), celebrating breaking 150,000 members. Photo / Westgate Community, March 3
A Costco spokesperson for their NZ and Australian operations declined to confirm membership numbers in NZ and said the images “should not have been made public to this community group”.
To date, the company has refused to disclose membership numbers in NZ.
The Herald reported last week that Costco Wholesale NZ recorded a bottom-line loss of $12.5m in the August year.
Costco NZ team members celebrate breaking 150,000 members. Photo / Westgate Community, March 3
The loss was due to the business not being fully operational but being in a set-up phase and its warehouse having yet to sell a single item by the balance date.
However, Costco’s fuel outlet opened last April.
Costco NZ team members celebrate breaking 150,000 members.
Photo / Westgate Community, March 3
It had total revenue of $20m for the year to August 28, 2022.
Costco Wholesale New Zealand was incorporated in 2018. Companies Office records show US-based Costco president Walter Jelinek is also a director of the NZ business.
