The Issaquah, Wash.-based wholesaling giant’s expansion remains robust. In the fourth quarter alone, Costco opened 10 new warehouses, and it opened 27 over the full year, including three relocations, for a global total of 914.
“They don’t rely on landlords,” Feller wrote. “They are the landlord. They sell in bulk. They operate in bulk. And they own in bulk.”
He had some “fun sales facts” for analysts, saying that “everyday value items” are hugely important to shoppers, especially in times of economic uncertainty. In 2025, Costco sold over 245 million hot-dog combos, over 157 million rotisserie chickens, and “enough bath tissue to reach the moon and back over 200 times.”
Meanwhile, Kirkland Signature hit the 30-year mark by innovating its product lineup and increasing its share of sales. More than 30 new Kirkland items hit shelves this quarter alone, spanning everything from organic foods to apparel to household goods.
Sourcing is increasingly local—meant to lower costs while reducing environmental impact. Costco’s revered private label offers members 15% to 20% savings compared with national brands, a buffer against tariffs and inflation.
Vachris told analysts that Costco is taking a “very offensive approach … doing everything we can to mitigate tariff impacts.” The last resort, he added, would be to pass on a price increase to the consumer, and even then, “we’re going to be the last one to go up and always the first one to go down.”
Efforts to keep prices low helped fourth-quarter earnings and revenue beat forecasts. But Wall Street seemed disappointed to see a continued slowdown in same-store sales. Costco reported a 6.4% increase in same-store sales for the fourth quarter, the second consecutive deceleration in that metric. Costco stock fell as much as 3% on Friday before paring losses to roughly 1.8%.
