Big box retailer Costco has fought through the competition of local rivalries Woolworths and Coles posting positive annual profits for Australia.
A report by Fairfax said Costco had lodged documents with the Australian Securities and Investments Commission, which revealed Costco Warehouse Australia reported a net profit reported a net profit of $9.73 million for the 53 weeks to September 2012.
With three stores currently in Australia, its Melbourne and Sydney stores are believed to have generated nearly $610 million in sales with each store having 100,000 members.
Patrick Noone, Costco Australia managing director, told Fairfax he is very satisfied with the results, which was driven the popular interest in its fresh food, bakery and household goods categories.
He also named their liquor range, which includes European imported wine, as also helping drive growth.
Costco Australia expects to open three more stores this year.