Weekly Update: Costco's International Opportunity, GCP, Databricks, Cogent Communications

In Practise Weekly Update

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Costco's International Growth Opportunity

In 2020, RBC released a research paper estimating COST could grow its US store base by over 400 units. The population size, density, and median income of many regions of the US are still under-penetrated by Costco. Over the last years, COST has added 15 US stores annually. At this rate, COST has another ~30-years of potential unit growth in its home market.

But what about International growth?

This is the greater untapped opportunity for COST.

Over the last 16 years, international store units and sales per sqft has grown 10% and 2.65%, respectively. This has led to 560bps faster annual revenue growth than the US.

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