Costco Announces 24 New Store Openings Following Lower-Than-Expected Q1 Earnings The wholesale retailer has big plans for expansion both in the U.S. and internationally.

By Madeline Garfinkle Edited by Jessica Thomas

Opinions expressed by Entrepreneur contributors are their own.

Eric Thayer / Stringer | Getty Images

Costco is expanding across the country and the globe this year.

The wholesale retailer plans to open 24 stores this fiscal year and relocate three others, Insider reported. Of the new locations, 15 will be in the U.S. and nine will be international, including a third and fourth location in China.

Costco currently operates 847 stores, 583 of which are in the United States and Puerto Rico.

Costco CFO Richard Galanti announced the news of the additional stores during a company earnings call on Thursday. According to Galanti, seven of the new stores opened in the first quarter of Costco's fiscal year, which began on September 1 and ended on November 20. Galanti said the rest of the openings will be spread out over the rest of the year.

Related: Costco CFO Reveals Inevitable Change to the Retailer's Beloved Membership

"We plan three more in (the second quarter), four in (the third quarter) and 10 (in the fourth quarter)," Galanti said, per Insider.

The announcement by the company comes almost immediately after Costco reported slightly lower earnings than Wall Street expected for the first fiscal quarter of 2023. Although analysts predicted earnings per share of $3.12, they were $3.07 for the first 12 weeks of fiscal 2023. Earnings per share for the same quarter last year were $2.99.

Related: Costco's Hot-Dog-and-Soda Combo Has Withstood Inflation. Now, Its Biggest Rival Is Offering the Deal for Even Cheaper.

Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Growing a Business

What Our Digital World Is Missing — and How I Turned It Into $100 Million After Dropping Out of High School

I went from high school dropout to $100 million CEO by sticking to one very important learning principle.

Starting a Business

Why Psychological Courage Is the Secret Ingredient for Successful Startups

This article explores the concept of psychological courage in startups, highlighting how employees — not just founders — can develop resilience, face challenges head-on and thrive in uncertain environments by embracing reality, problem-solving effectively and pushing through struggles.

Business News

Walmart Is Laying Off Hundreds, Relocating Others as the Company Closes a U.S. Office

Walmart is giving some employees at least a month to decide if they want to relocate.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Growing a Business

This Charleston Hotspot Found an Inflation Loophole That Helps It Avoid Rising Food Costs – Here's Its Secret

Miller's All Day partners with local farmers to combat rising inflation costs and thrive in Charleston's competitive restaurant scene.

Business Plans

Healthy Business Growth Comes from Depth, Not Just Disruption — Here's Why

For startups with a strong foundation, here's how to discover and deliver new products and services that customers want.