Major Costco update as the retail giant announces store changes – and it’s great news for shoppers

COSTCO continues its expansion across the country and around the world. The wholesale chain will open 24 new stores this fiscal year, including 15 in the United States.

The announcement was made by CEO Richard Galanti on Thursday during a earnings call transcribed by The Motley Fool.

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Costco opened seven new locations in the first quarter, which ran from September 1 to November 20, including its first stores in New Zealand and Sweden.

The chain also recently opened warehouses in South Korea, Australia and Lake Stevens, Washington.

The wholesaler is to open at least three new locations in the US in 2023 – one in Queen Creek, Arizona, in January; another in Kyle, Texas, in March; and a third in Longmont, Colorado, in April.

Also this fiscal year, Costco plans to open its third and fourth locations in China this fiscal year.

In all, the chain will have opened 27 new locations by September next year as three of its existing stores will relocate.

Currently, Costco has 847 Locations including 583 in 46 US states and Puerto Rico.

The expansion announcement came after Costco slightly underperformed Wall Street’s expectations in the first quarter.

Costco posted earnings per share of $3.07 for the quarter, down from the $3.12 some analysts, Insider, were expecting reported.