// Costco posts second year of double digit growth as shoppers flocked to its stores during the pandemic

// Sales rose 14.4% in the year ended August 29, 2021

Costco has reported a 14.4% rise in sales in the year ended August 29, 2021 as it continues to benefit from a rise in shoppers.

The US giant saw its UK sales increase to £3.5 million spurred by a surge of shoppers during the Covid-19 lockdown.

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This is the Costco’s second year of double-digit growth over the pandemic period, following its 15.7% performance in the same period in 2020.

Meanwhile, the retailer’s online operation saw a 69% growth to £256 million in 2020/21.

Compared to 2020/21 gross margin rose by a full percentage point to 4.5% helping to increase its group operating figure up 149.7% to reach £84.4 million.

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