24/7 Wall St. Insights
- Costco Wholesale Corp. (NASDAQ: COST) already sells gold and silver bars, and now it sells platinum bars too.
- Will that make much difference to Costco’s revenue?
- Also: Dividend legends to hold forever.
Costco Wholesale Corp. (NASDAQ: COST) sells almost everything, both in stores and online. This ranges from groceries to electronics to appliances and travel. It has begun to sell platinum bars.
The retailer already sells gold and silver bars. The new platinum bars are priced at $1,089.99 for a 1-ounce bar. Gold bars have sold well. CNBC states, “Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock.”
The decision is close to meaningless, although it is good for publicity. It would be shocking if the total sales of the platinum bars even reached hundreds of thousands of dollars.
During Costco’s most recent fiscal year, revenue was $249.6 billion. Net income was $7.4 billion. Same-store sales in the period rose 5.6%. E-commerce revenue was up 16.1%.
Costco has been successful because of the breadth of the products and services it offers its members. Platinum bars are just the most recent addition.
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