In autumn 2022, one of the world’s largest retail chains established itself in Sweden. This was when Costco Wholesale opened the doors to its department store in Arninge, outside Stockholm.
In 2025, the expansion is also expected to be a fact when the next department store opens in Burlöv in Scania.
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Costco Wholesale opened the doors to the first Swedish store in 2022. Photo: Magnus Lejhall
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Costco Wholesale’s losing year
The company is one of the world’s largest retail chains, beaten only by two other American giants, namely Walmart and Amazon. But how well has it been to establish yourself in a new country like Sweden?
The site Grocery news has seen the company’s figures from the first year of operation. And they show that the establishment did not get the rocket speed many might have thought.
The accounting period showed that revenues amounted to SEK 556.2 million, while the profit ended up at SEK -209 million. The result after all financial items was written at -186 million kroner. This meant that profitability was completely absent for the American store chain.
However, there is nothing that seems to scare the board, who seem to have expected a slow start.
“The result is in line with the board’s expectations for the first operating year with a department store. Even if the result is negative, the company’s goal is to become profitable within a reasonable future by increasing the membership base, streamlining operating costs, and increasing the number of department stores in Sweden,” they write in the annual report.
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