Costco closed fiscal year 2024 in Spain with a turnover of €618 million, representing an increase of 13.6% compared to the previous year.
This growth is mainly due to the increase in its subscriber base—the foundation of Costco’s business—which rose from 650,000 to 750,000 over the past twelve months (+15.3%). During this period, its number of stores (four) remained unchanged from 2023: Seville, Getafe (Madrid), Las Rozas (Madrid), and Sestao (Biscay), as the Zaragoza store, inaugurated in September 2024, falls under fiscal year 2025.
Over the past five years, the brand has tripled its turnover in Spain, rising from €173.5 million in 2019 to €618 million in the latest fiscal year, a compound annual growth rate of nearly 30%.
Still in the red
Despite this, the big-box retailer continues to operate in the red: it posted a €7.5 million loss, just two million less than in 2023.
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The U.S. giant has reported losses every year since its arrival in Spain in 2014, and company management expects this trend to continue in the medium term. The parent company, Costco Wholesale Corporation, has committed to continue investing to cover losses for at least the next 18 months, according to its annual report.
Store openings
In 2024, Costco inaugurated its international logistics hub in Torija (Guadalajara), which also ships goods to other European markets, and aims to continue its rapid expansion in Spain.
In September 2024, it opened its fifth store in the country, in Zaragoza, and plans to open a sixth by the end of this year—or early next—in Paterna (Valencia). Further openings are scheduled in Málaga in 2026, and in Siero (Asturias) and Torrejón de Ardoz (Madrid), though these do not yet have set dates.
The company’s strategy is that, as new stores open and turnover grows, unit costs will decline, paving the way for long-awaited profitability. However, in the last fiscal year, sales grew much faster than losses decreased.
