This analysis is a little bit weird and I don’t think quite tells the whole story. I remember digging into their 10K a while ago and the big takeaway was that a

This analysis is a little bit weird and I don’t think quite tells the whole story. I remember digging into their 10K a while ago and the big takeaway was that a good Costco store will do somewhere around a billion dollars in revenue per year. Their merchandise profit is low, but I don’t think zero - I believe I calculated it at somewhere between half a percent and a percent on average. But again, that’s on a billion dollars per store. Membership fees also aren’t pure profit - there’s some overhead with them and other member services at a net negative that lower it below 100%.