costco history
Learn how Costco, the world’s largest warehouse membership club, was born.
Costco sold a round-the-world cruise reservation for $293,000 through Costco Travel.
The revelation was made clear Thursday when CFO Gary Millerchip offered a “fun fact” about Costco’s members-only travel service during the warehouse retailer’s first-quarter earnings call.
“Our biggest cruise booking last year was a 150-day round-the-world cruise departing from Fort Lauderdale and stopping at places like the Galapagos and the Easter Islands,” he told analysts and investors.
Costco sold a round-the-world cruise for $293,000. (Justin Sullivan/Getty Images)
Costco’s chief financial officer said he booked an owner’s suite cabin for two on the ship for a six-figure price tag.
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“The total cost for two people in the Owner’s Suite Cabin was $293,000, with added benefits at the time of booking including a $13,000 onboard credit and a $25,000 Costco Shop Card,” he said. spoke.
The CFO did not reveal the cruise line that operated the long vacation.
“We offer a wide range of vacation packages, rental cars, cruises, hotels, flights and other travel-related services,” Millerchip said on the earnings call. “In addition to our very competitive rates, many of our services include a Costco Shop Card as an added value to your reservations at Costco.”
Consumers can use the Costco Shop Card to pay for warehouse retail store memberships and a variety of products sold by Costco.
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Millerchip also noted during the conference call that members who use Costco Travel “spend about twice as much as members who don’t use these services.”
Costco Travel also sold a surprising number of rental cars last year.
Shoppers are seen outside a Costco store on December 9, 2023 in Bayonne, New Jersey. (Angus Mordant/Bloomberg via Getty Images)
“Last year, we sold enough rental cars to fill every Costco parking lot in the U.S. 8.5 times,” executives reported.
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Costco had more than 600 locations in the United States as of the end of the first quarter. We also have over 270 locations in other countries.
The warehouse retailer had revenue of $62.15 billion in the first quarter. Of this, approximately $60.98 billion was net sales, and membership fees accounted for approximately $1.17 billion.
According to Costco, approximately 138.8 million people have a Costco membership card.
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