U.S. consumer company · mega-cap · listed on Nasdaq · headquartered in Washington State.
Clue 2 · The Numbers
Revenue around $280 billion a year — more than Microsoft — yet its net profit margin is under 3%. Volume is the whole business model.
Clue 3 · The History
Founded in 1983 in Seattle, it merged with its biggest rival a decade later and perfected a retail format that barely existed before it: pay to get in the door.
Clue 4 · The Secret
Selling things is almost a side hustle — the majority of its profit comes from annual membership fees, not the products on the floor.
Clue 5 · The Lore
Its in-house Kirkland Signature brand alone does more revenue than Nike. Charlie Munger sat on its board for 26 years and said he'd never sell a share.
Clue 6 · The Giveaway
140 million membership cards. A rotisserie chicken at $4.99. And a $1.50 hot-dog combo whose price hasn't moved since 1985.