Costco Wholesale seems to have quietly surpassed Whole Foods to become the biggest organic grocer as it courts a younger demographic, according to one investment bank.
In an earnings call last week, chief financial officer Richard Galanti mentioned that the Issaquah warehouse club’s sales of organic products exceeded $4 billion annually — up from a previous $3 billion-plus estimate given last year.
That means, analysts with BMO Capital Markets said in a research note, that the discount chain is “possibly now already eclipsing” the industry leader, Whole Foods, which the investment outfit estimates sells about $3.6 billion in organic stuff every year.
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