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Costco extended gas station hours and opened new gas stations earlier this year. The result became a boon for the warehouse retailer.
CEO Ron Vachris said during Costco’s third-quarter earnings call last week that the company saw “two of our all-time highest gallon weeks” in the U.S. in April.
That, according to the Costco CEO, was due to a “combination of expanded gas station hours, new gas station openings and lower prices at the pump.”
Customers line up at a Costco gas station in Concord, Calif., on June 22, 2022. (David Paul Morris/Bloomberg via Getty Images)
The warehouse retailer lengthened the hours its North American gas stations a few months ago.
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In a mid-February Facebook post, Costco listed the new gas station hours of 6 a.m. to 10 p.m. on Monday through Friday, 6 a.m. to 8:30 p.m. on Saturday and 6 a.m. to 7:30 p.m. on Sunday, though it said they could vary for California and Hawaii.
Costco reporting those two “all-time highest gallon weeks” came after CFO Gary Millerchip previously told analysts and investors in early March that the warehouse retailer had been “pleased so far with the member reaction” to the longer hours and “seeing an improvement in overall usage of the gas stations.”
Cars line up at a Costco gas station in Bayonne, N.J., on Dec. 9, 2023. (Angus Mordant/Bloomberg via Getty Images)
During the call, Vachris said the retailer’s extension of its North American gas station hours “was a great indicator that the throughput for our members improved nicely, and we saw that immediately in gallon increases.”
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Executives did not say during last week’s earnings call how many Costco gas stations it opened. It had more than 700 globally at the end of 2024, according to a Securities and Exchange Commission filing.
The gas stations at Costco warehouses are “open to Costco members only,” with Costco Shop Card customers also able to purchase fuel, according to the retailer’s website.
A Costco store is shown in Bayonne, N.J., on Dec. 9, 2023. (Angus Mordant/Bloomberg via Getty Images)
They are one of several “ancillary” businesses the company operates at many of its warehouses, along with its pharmacies, food courts, optical centers and tire installation services.
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As of late May, Costco reported more than 620 Costco locations across the U.S. and about 280 in other countries.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 1,055.59 | -1.26 | -0.12% |
