Costco.com hits a milestone: More than $1 billion in annual sales
Costco.com is the newest member of the billion dollar sales club.
For the year Costco Wholesale Corp. grew its e-commerce sales by about 39% to $1.22 billion compared with web sales of $880 million in fiscal 2006.
At the same time total revenue rose by 7% and same store sales by 6%. The company, No. 21 in the Internet Retailer Top 500 Guide, reported net income of $1.08 billion on revenue of $64.4 billion for the 2007 fiscal year compared with net income of $1.1 billion on sales of $60.1 billion in the prior year. Overall the web accounted for about 2% of total sales.
"Costco.com did very well,” Costco chief financial officer Richard Galanti told analysts on the company’s year-end earnings call. Web sales rose by 36% in the fourth quarter, though Costco didn’t break out a specific number.
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