Costco NZ gets $30m start from US parent

Costco's Australian managing director, Patrick Noone. (Image: Costco)

Mon, 20 Feb 2023

Financial statements stretching back to just before discount retailer Costco opened its doors in New Zealand reveal its US parent injected $30 million into the company.Documents released as part of Costco Wholesale NZ's filings with the Companies Office show the US multinational's NZ arm made a $12.5 million loss on revenues of $20.5m a month before the store opened. Costco had $201m worth of assets on the books, including $140m in property, plant and equipment, $42m of merchandise inventory, and $14m in cash or cash equivalents. I...

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