Costco New Zealand has turned in its first profit since the US retail giant set up shop in Auckland in 2022. 

In a filing with the Companies Office this week, Costco NZ said its net profit came to $9.62 million in the 52 weeks to August 31, 2025, compared with a loss of $0.93m a year earlier. 

Losses from Costco’s New Zealand operation peaked at $20.5m in the 2023 financial year. 

In this week’s filing, Costco said its total revenue came to $385.08m in 2025, up 6.5% from $361.52m in 2024. 

Nasdaq-listed Costco Wholesale Corp’s shares last traded at US$875.74 ($1512.86), down from last June’s peak of US$1055.59. 

In its latest financial report, issued in the US last month, Costco Wholesale Corp said its first-quarter net sales increased by 8.2% to US$65.98 billion from US$60.99b in the same period last year. 

Last November, the Herald reported that Costco planned to build a second shop at South Auckland’s Drury. The first store opened at Westgate in September 2022. 

Kiwi Property chief executive Clive Mackenzie and Costco country manager Chris Tingman made a joint statement about a conditional land deal at the time. 

“Kiwi Property has reached a conditional agreement with Costco Wholesale to sell the retailer 6.4ha of land at its new Drury development, paving the way for New Zealand’s second Costco store,” they said then. 

Costco’s business model centres on a membership-based warehouse club system, where customers pay an annual fee for access to bulk goods at low mark-ups.