Costco November Blitz: In a bustling November for Costco, the retail giant saw the launch of 10 new locations, with an impressive seven openings within just ten days. This expansion also translated into unexpected cash prizes for 10 fortunate employees, marking a distinctive tradition tied to each new warehouse’s inauguration.
The night preceding the grand opening is VIP night, a special occasion where employees and their families join company leaders and local representatives for a pre-opening celebration. Costco employee Maggie Perkins shared insights into this unique tradition in a recent TikTok video, focusing on the Newark, California location’s unveiling on November 18.
In the video, Perkins highlighted a quirky practice where employees are invited to jot down their name and their best estimate for the location’s first-day sales on a dollar bill. These dollars are then collected, creating a mini-lottery where the employee with the closest guess gets to pocket the cash. While Costco did not immediately respond to inquiries, two current employees confirmed the existence of this tradition, with details verified by Business while keeping their identities confidential.
Also Read: Costco Earnings Shift: More Shoppers, Less Splurging
The prize typically ranges between $300 and $500, reflecting the size of most warehouses’ staff, which usually consists of 250-300 employees. Despite the modest amount, this translates to more than two days’ pay for an employee earning Costco’s starting wage of $18.50, a rate that was recently raised in September.
In her video, Perkins revealed her guess of $1,000,500.99 for the first-day sales, which, as it turned out, exceeded her estimate at $1.8 million. She explained that opening day sales tend to be higher than average, as Costco introduces unique items like jumbo teddy bears and specialty bottles of liquor.
Reflecting on the Newark opening, Perkins reminisced about her own VIP night a year earlier, marking her transition from a teaching career to joining Costco. While only two locations are currently slated for 2024 openings, Costco, with 870 locations worldwide, traditionally announces specific plans in December. CFO Richard Galanti previously stated a goal of 30 new openings per year, evenly split between the US and overseas, as the company continues its expansion in a dynamically evolving retail landscape.
Our Reader’s Queries
What was Costco’s original stock price?
Costco Wholesale made its debut on the stock market on December 5, 1985, with an initial public offering price of $10.00 per share. However, after adjusting for stock splits, the actual price per share was around $1.67.
Who is Costco’s transfer agent?
Investors looking to buy or sell Costco common stock can take advantage of the Investor Services Program offered by Computershare, Costco’s shareholder services and transfer agent. This program provides a convenient way for shareholders to manage their investments with ease. Whether you’re a seasoned investor or just starting out, the Investor Services Program is a great option to consider. With Computershare’s expertise and Costco’s reputation for excellence, you can trust that your investments are in good hands.
What is Costco direct?
When browsing Costco.com, you may notice products labeled with a Costco Direct tag. According to buyer Jeremy Noble, this tag signifies that the item is available at our distribution center, allowing for faster order processing and delivery.
What is the annual revenue of Costco?
Costco’s revenue for the twelve months ending November 30, 2023, reached an impressive $245.652B, marking a 6.33% increase from the previous year. In 2023, the company’s annual revenue amounted to $242.29B, reflecting a 6.76% increase from 2022. The previous year, Costco’s annual revenue was $226.954B, which was a remarkable 15.83% increase from 2021. These figures demonstrate the company’s consistent growth and success in the retail industry.