{"id":8038,"date":"2021-06-17T09:47:00","date_gmt":"2021-06-17T06:47:00","guid":{"rendered":"https:\/\/sifterfund.com\/costco-huikea-rahantekokone\/"},"modified":"2022-02-01T16:46:41","modified_gmt":"2022-02-01T14:46:41","slug":"an-impressive-money-making-machine","status":"publish","type":"post","link":"https:\/\/sifterfund.com\/en\/an-impressive-money-making-machine\/","title":{"rendered":"Costco \u2013 An impressive money-making machine"},"content":{"rendered":"\n<p class=\"lead-p\">Costco (COST) is the world\u2019s second-largest retail chain behind Walmart. Measured by annual revenue, Costco is over 2 times larger than the European retail chains Aldi and Carrefour. However, it is not the scale of its operations that makes Costco interesting, but rather its earnings model and ability to make money.<\/p>\n\n\n\n<p>Costco differs from its competitors in that it uses a business model based on membership fees. Costco\u2019s retail warehouses are only open to paying members. Indeed, the company earns more than 90% of its profit from membership fees and in return offers highly affordable products to its members.<\/p>\n\n\n\n<p>We see Costco as a great example of a high-quality company.&nbsp;<a href=\"https:\/\/sifterfund.com\/en\/sifter-invested-in-three-quality-companies-including-a-robot-vacuum-manufacturer\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sifter invested in it in May 2020.<\/a>&nbsp;While one year is a short time for a long-term investor, Costco has been a very pleasant surprise for the Sifter Fund\u2019s portfolio.<\/p>\n\n\n\n<p>Watch our analyst <strong>Alexander J\u00e4rf<\/strong>\u2019s presentation on Costco in our Q2\/2021 video: why have we invested in this company? <\/p>\n\n\n<style>.elementor-9773 .elementor-element.elementor-element-ad8f798 .elementor-wrapper{--video-aspect-ratio:1.77777;}<\/style>\t\t<div data-elementor-type=\"section\" data-elementor-id=\"9773\" class=\"elementor elementor-9773 elementor-8223\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6a4d3f2 elementor-section-full_width ang-section-padding-initial elementor-section-height-default elementor-section-height-default elementor-repeater-item-none elementor-repeater-item-none_hover\" data-id=\"6a4d3f2\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ae8f98d elementor-repeater-item-none elementor-repeater-item-none_hover\" data-id=\"ae8f98d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ad8f798 elementor-repeater-item-none elementor-repeater-item-none_hover elementor-widget elementor-widget-video\" data-id=\"ad8f798\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/Lytq6Q92_lA?t=353&quot;,&quot;lazy_load&quot;:&quot;yes&quot;,&quot;start&quot;:423,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How does Costco make money and grow?<\/h2>\n\n\n\n<p>At a glance, Costco may seem less attractive than Walmart on the basis of its key figures, but the figures are the result of Costco\u2019s chosen earnings model.<\/p>\n\n\n\n<p>For example, Costco\u2019s gross margin is much lower than Walmart\u2019s. However, for Costco, the gross margin is not an essential indicator, as more than 90% of its profit is derived from membership fees.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-revenue.png\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"609\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-revenue-1024x609.png\" alt=\"costco revenue\" class=\"wp-image-8049\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-revenue-1024x609.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-revenue-500x297.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-revenue-768x457.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-revenue-1536x913.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-revenue.png 1800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>At Costco, the prices of products are deliberately lower than those of its competitors (lower margins). The combination of very low prices and surprisingly good quality continuously attracts new members to Costco and the existing members are also very loyal. Costco\u2019s members are more than 90% likely to renew their membership, i.e. pay the next year\u2019s membership fee of USD 60\u2013120.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-members.png\"><img decoding=\"async\" width=\"1024\" height=\"609\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-members-1024x609.png\" alt=\"costco members\" class=\"wp-image-8051\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-members-1024x609.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-members-500x297.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-members-768x457.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-members-1536x913.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-members.png 1800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>In spring 2021, Costco had almost 60 million paying members (over 108 million household members), which must be some kind of world record for fan clubs.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>As new members sign up, the prices can be lowered even further. This makes the wheel spin even faster, allowing Costco to strengthen its competitive advantage as the scale of its operations grows.<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">The year of COVID-19 further boosted Costco\u2019s business<\/h2>\n\n\n\n<p>During the spring of COVID-19, customer demand for Costco\u2019s affordable products increased significantly and the number of new members grew. Membership growth enables the company to sell its products at even lower prices as it achieves economies of scale in purchasing and distribution.<\/p>\n\n\n\n<p>Costco\u2019s digital channel also grew exponentially during the pandemic as customers changed their buying behavior, although the company\u2019s earnings model is largely based on the customer experience in brick-and-mortar retail.<\/p>\n\n\n\n<p>We believe that the demand growth seen during the spring is not temporary and that Costco\u2019s position as the first choice of its members will improve further.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-operating-income.png\"><img decoding=\"async\" width=\"1024\" height=\"609\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-operating-income-1024x609.png\" alt=\"costco operating income\" class=\"wp-image-8047\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-operating-income-1024x609.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-operating-income-500x297.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-operating-income-768x457.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-operating-income-1536x913.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-operating-income.png 1800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Growth from China<\/h2>\n\n\n\n<p>One of Sifter\u2019s investment hypotheses is to keep an eye on Costco\u2019s expansion in foreign markets such as China, where Costco opened its first retail warehouse in Shanghai in 2019. We recognize that internationalization is always a risk, but Costco has demonstrated a mature and calm approach with its growth targets.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>During the first quarter, the Shanghai warehouse brought in over 200,000 new members. By comparison, the average number of members in the United States is around 68,000 per warehouse.<\/p><\/blockquote>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Costco closed its first store in China early because of huge opening-day crowds\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/J-4Qk_RN_MQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><figcaption>Even Costco\u2019s own management was surprised by the company\u2019s early success in Shanghai. Following the successful opening, Costco has announced it will open a second retail warehouse in Shanghai and a third in Suzhou. See more from CNBC Video above.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Why do we like Costco as an investment?<\/h2>\n\n\n\n<p><strong>Strategy and earnings model. <\/strong>First of all, we are impressed by the company\u2019s strategy and earnings model. It is clearly different from its competitors but, above all, Costco\u2019s value proposition to its customers seems to be effective. In addition, the company\u2019s internal efficiency makes it possible to make ever-increasing amounts of money, which appeals to shareholders.<\/p>\n\n\n\n<p><strong>Stable growth.<\/strong> The company operates in the retail sector, which is naturally quite defensive and saturated, but Costco has managed to grow at a steady rate.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>The company\u2019s five-year average sales growth, approximately 7.5% per year (2015\u20132020), is significantly better than its competitors.<\/p><\/blockquote>\n\n\n\n<p><strong>Impressive ROIC.<\/strong> The management has been able to find the right balance between a low-cost retail chain culture and product quality. In addition, Costco\u2019s investments in growth have been controlled and profitable. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>This is illustrated, for example, by Costco\u2019s continuously improving return on invested capital (ROIC), which is at a high level (15\u201317% in 2021).<\/p><\/blockquote>\n\n\n\n<p><strong>Loyal customers &amp; excellent corporate culture.<\/strong> There is something special about Costco\u2019s culture. Its customer experience and customer loyalty are very strong. This is likely to be at least partly attributable the company\u2019s very positive employee experience. Costco pays its employees higher hourly wages than Walmart, for example. As a result, employment relationships at Costco are fairly long. People enjoy working at Costco and this is also felt by the company\u2019s customers.<\/p>\n\n\n\n<p class=\"text-cta\">Costco is one of five cases we cover in our guide:&nbsp;<a href=\"https:\/\/sifterfund.com\/en\/long-term-quality-investing-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">Long-term quality investing,<\/a>&nbsp;in which we explain the quantitative and qualitative superiority factors of high-quality companies in more detail.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Future outlook<\/h2>\n\n\n\n<p>Costco shares are not cheap. During the past year (May 31, 2020\u2013June 1, 2021), the share price has increased by more than 22.6%. Top-quality is rarely available at a discount, even if the company in question is a low-cost retailer.<\/p>\n\n\n\n<p>The company\u2019s valuation speaks to the high quality and growth of its business, which features <strong>1<\/strong>) steady profit growth,&nbsp;<strong>2<\/strong>) high return on capital and&nbsp;<strong>3<\/strong>) sufficient growth areas for the coming years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large graafi\"><a href=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-net-profit.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"609\" src=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-net-profit-1024x609.png\" alt=\"costco net profit\" class=\"wp-image-8045\" srcset=\"https:\/\/sifterfund.com\/wp-content\/uploads\/costco-net-profit-1024x609.png 1024w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-net-profit-500x297.png 500w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-net-profit-768x457.png 768w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-net-profit-1536x913.png 1536w, https:\/\/sifterfund.com\/wp-content\/uploads\/costco-net-profit.png 1800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>When we invested in Costco on May 27, 2020, Sifter\u2019s five-year earnings yield estimate was 3.6% based on conservative growth and profit prospects. In other words, as a long-term shareholder, we believed that we would get a 3.6% return on the company\u2019s future cash flows.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Costco meets the criteria for a high-quality company in many respects<\/h2>\n\n\n\n<p>Sifter\u2019s investment strategy is to look for high-quality companies among over 65,000 corporations. We are particularly interested in companies that have a superior track record of their ability to make money and companies whose qualitative characteristics enable superior future performance in our opinion.<\/p>\n\n\n\n<p>Costco meets the criteria for a high-quality company in many respects. Of course, we hope that we will be positively surprised when it comes to Costco\u2019s ability to make money.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>We are quite confident that Costco is one of the companies in which we want to be shareholders even through tumultuous times in the stock market and the various stages of the economic cycle.<\/p><\/blockquote>\n\n\n\n<p>Owning shares in strong high-quality companies brings peace of mind and <a href=\"https:\/\/sifterfund.com\/en\/sifter-fund\/\" target=\"_blank\" rel=\"noreferrer noopener\">has&nbsp;produced excellent historical returns.<\/a><\/p>\n\n\n\n<p>Interested in long-term quality investing? We have written a guide on this topic:&nbsp;<a href=\"https:\/\/sifterfund.com\/en\/long-term-quality-investing-guide\/\">Long-term quality investing,<\/a>&nbsp;in which we describe our definition of a high-quality company in more detail. The guide also includes five cases, with Costco being one of them.<\/p>\n\n\n\n<p><strong>Santeri Korpinen<\/strong><br><em>CEO, Sifter Capital Oy<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Costco is the world\u2019s second-largest retail chain behind Walmart. We think the company is a great example of a quality company with an exceptionally good earnings model.<\/p>\n","protected":false},"author":2,"featured_media":7975,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-8038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Costco \u2013 An impressive money-making machine - Sifter Fund<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sifterfund.com\/en\/an-impressive-money-making-machine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Costco \u2013 An impressive money-making machine - Sifter Fund\" \/>\n<meta property=\"og:description\" content=\"Costco is the world\u2019s second-largest retail chain behind Walmart. 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