Costco Whole Corporation recently sold a shopper a $400,000 diamond ring, CEO Richard Galanti told analysts during a conference call after the Issaquah-based retailer reported strong third-quarter earnings.
When asked by an analyst how the company would replace that revenue next year, Galanti responded, “Do you have an anniversary coming up?”
The ring sale wasn’t the only good news for Costco. Its revenue of almost $35 billion exceeded Wall Street estimates and it recorded a 5 percent increase in sales. Galanti also said Costco’s membership revenue was up more than 5 percent from last year, accounting for 2.3 percent of overall sales.
Galanti, however, warned that Costco was starting to see “some impacts” of Chinese tariffs, saying “in some cases, we’ve reduced order commitments on certain items.”
Costco operates 768 warehouse stores, including 523 in the United States.