Costco issued its 2nd quarter earnings release and its sales release for the 5 weeks ending February 4, 2007. The company has an audio report available on its Investor Relations site.
The money quote for perishables:
“In terms of fresh foods, the standout department was produce.”
— Richard A. Galanti
Executive Vice President, Chief Financial Officer
Although we weren’t thrilled with some spinach labeling issues, as we pointed out here, we always find ourselves being impressed by Costco. When we were at Fruit Logistica in Berlin, Costco had a buying team there with US personnel. Very few US based retailers did.
Many retailers are passive, depending on producers to find them new products. Costco seems to go out and find things that its customers will want. That is a big difference and a not insignificant contributor to Costco’s success.
