News Briefs

Costco Wholesale Corp. continued its momentum in August as its value proposition continues to attract bargain-focused shoppers.

The membership-based warehouse club’s net sales rose 7.1% to $19.83 billion for the four weeks ended Sept. 1, up from $18.51 billion last year. Traffic rose 6% in the U.S. and 6.6% worldwide.

Total comparable sales for the period rose 5%, rising 4.7% in the United States and 4.5% in Canada. International comps rose 7.5%. E-commerce comp sales surged 22.9%.

Total comparable sales excluding the impacts from changes in gasoline prices and foreign exchange rose 7.1%, rising 6.7% in the U.S. and 5.8% in Canada. International comps rose 10.8%.  E-commerce comp sales increased 23.3%.

At the beginning of September, and for the first time since June 2017, Costco raised its membership fees in the U.S. and Canada. The hike brings the annual fee to $65 from $60. 

Costco currently operates 890 warehouses, including 614 in the U.S. and Puerto Rico, 108 in Canada, 40 in Mexico, 35 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, four in Spain, two in France, and one each in Iceland, New Zealand and Sweden. 

The company also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.

Health-focused fast-casual chain Sweetgreen has entered the Buckeye State.

The chain opened its first Ohio store in Columbus on Sept. 4 in the Short North neighborhood, just miles away from The Ohio State University. The 3,605-sq.-ft. store features an open kitchen concept and holds space for up to 46 patrons. Sweetgreen says Columbus was one of the most requested cities for the chain to expand to.

“With local ingredients sourced from across the midwest, we’re excited to bring the Sweetgreen flavor to Columbus’ iconic food scene,” said Jonathan Neman, co-founder and CEO of Sweetgreen. “It’s been a long time coming, and we are so grateful to the Columbus community for embracing us with open arms!”

Sweetgreen recently said that for fiscal year 2024, it expects to open between 24 and 26 new restaurants. The entry into Ohio comes just weeks after the chain added Christopher Tarrant to its C-suite as senior VP and chief development officer, who will oversee real estate development, design and construction.

Founded in 2007, Sweetgreen operates more than 230 restaurants across the United States, selling salads and bowls that prioritizes organic, regenerative and locally-sourced produce.

Sweetgreen saw positive growth in its most recent quarter. For the fiscal period ended June 30, 2024, total revenue was $184.6 million, compared to $152.5 million in the prior year period, an increase of 21%. Same-store sales grew 9%, an increase of 6% from the second quarter of 2023.

REI Co-op is providing members with additional benefits during an 11-day event.

The specialty outdoor retailer is hosting “Member Days” from Friday, Sept. 6 – Monday, Sept. 16. During the promotion, REI members will receive 20% off one items from the retailer’s Re/Supply omnichannel used gear and trade-in program. 

Members will also be eligible to save $100 on all 2025 hosted REI Adventures active travel trips, as well as $2 off a screening of curated films from the Mountainfilm festival in Telluride, Colo. At select AMC Theaters locations the weekend of Sep. 28-29.

Other special Member Days offers include:

• Get 20% off member pricing on bike service packages for mountain, road, hybrid and e-bikes. Every REI store across the country has a full-service bike shop.
• Receive a $5 bonus card when redeeming $50 or more of REI gift card(s) value on a full price purchase.
• Earn double rewards (10% versus 5%) on all REI purchases made with the REI Co-op Mastercard.  

Anyone can shop at REI Co-op, but members who join the co-op for a one-time fee of $30 gain access to a range of benefits. In another recent member promotion, REI hosted more than 300 members-only free classes and day tours on Saturday, June 15.

[READ MORE: REI to host free classes, events on June 15]

Headquartered in Kent, Wash., REI has 24 million members nationwide and operates approximately 185 stores.

Developer Daniel McCahan, who spent nearly the last 14 years at Madison Marquette, has been named the president of Peterson Companies, the forward-thinking development company that created National Harbor in the nation’s capital and the newly renamed Rio Lakefront in Gaithersburg, Md.

"Dan brings a wealth of experience and a proven track record of success in both the commercial and residential real estate sectors,” said Peterson CEO Jon Peterson. “His expertise and perspective will be instrumental as we continue to build on our strong legacy and embark on the next phase of our journey.”

As COO at Madison Marquette, McCahan was responsible for providing oversight for the company’s corporate support functions, integrated services platform, investment management and portfolio goals. He previously served as the director of development at Archstone and development manager of Urban Atlantic.

At Peterson, he will be responsible for overseeing and managing all aspects of the company’s multi-product commercial real estate portfolio. 

“I am looking forward to this next chapter in my career,” McCahan said. “Having long admired Peterson Companies’ commitment to excellence and its impact on the Washington, D.C. region, I am eager to work alongside this talented team to build on the firm’s strong foundation and drive future success.”

McCahan holds a Bachelor of Arts degree in economics from the University of Virginia and a master’s degree in planning from the University of North Carolina at Chapel Hill.

Fossil Group Inc. has ended its search for a new chief executive.

The company has appointed Franco Fogliato as CEO and a member of the board of directors. He succeeds Jeffrey Boyer, Fossil’s interim CEO, who will resume his previous role as COO and step down from the board. The changes are effective Sept. 18.

Earlier this year, in March, Kosta N. Kartsotis stepped down after leading the company for nearly 25 years. His departure was announced in Fossil’s fourth-quarter earnings report in which it reported that full-year sales fell 16% to $1.4 billion and net losses totaled $157 million. The company also said it was understaking a strategic review.

Fogliato joins Fossil from Salomon, a sports equipment and apparel manufacturer owned by Amer Sports Inc., where he has served as president and CEO since November 2021. At Salomon, Fogliato led a successful turnaround of the business, streamlining operations, creating a refreshed brand identity and platform and driving robust revenue and profit growth. 

Prior to Salomon, Fogliato spent eight years at Columbia Sportswear Company, most recently serving as executive VP of global omnichannel. He previously spent eight years as CEO Europe at Billabong Group. Earlier in his career, Fogliato held executive roles at The North Face. 

“Franco brings over 25 years of consumer industry expertise, along with focus, leadership acumen, and disruptive vision, to this role,” said Kevin Mansell, chairman, Fossil. “We are extremely confident that his experience stewarding great brands and driving transformation will lead Fossil to its next chapter.”

Eyemart Express has named a new chief financial officer.

The optical retailer has added Aaron Cho to its C-suite, who joins the company from medical equipment provider Synapse Health, where he was responsible for building scalable infrastructure and overseeing all funding, liquidity and capital management.

"Aaron will be a key player in enhancing our growth trajectory with his extensive leadership experience in finance and a proven track record of driving results throughout the health care sector," says Mike Nuzzo, Eyemart Express CEO. "His deep understanding of corporate development, operations, and risk management will be invaluable to our leadership team and eye doctor partners at Eyemart Express."

Cho previously held executive financial roles at several eyewear and health-related companies, including Eyecare Services Partners, Access Dental Services (a subsidiary of Guardian Life Insurance) and Surgical Care Affiliates. Cho has also worked for business consultancy firms Capco and Ernst & Young.

"Joining Eyemart Express as CFO is a true privilege, and I'm looking forward to collaborating with Mike and the talented Eyemart Express team to strengthen the company's 34-year legacy and drive the innovative business forward," said Cho.

[READ MORE: Optical retailer taps Sleep Number leader for C-suite role]

Eyemart Express was founded in 1990 and operates a family of stores including Vision 4 Less, Visionmart Express and Eyewear Express. Based in Farmers Branch, Texas, Eyemart Express has 251 stores across 42 states.