The stubbornly steady-priced warehouse club aims to be a 'beacon of light' amid widespread inflation.
The stubbornly steady-priced warehouse club aims to be a "beacon of light" amid widespread inflation.Photo: Marisa DiPaolo. Design: Joe Heroun / Eat This, Not That!stands pat with its proverbial foot down.
America's leading warehouse club hasn't raised the price of its famously cheap hot dog combo or rotisserie chicken in ages. Now, it's holding firm on membership fees, too. During an earnings call on Thursday, Costco's chief financial officer Richard Galanti, yet again, dismissed speculation about a long-expected hike in the cost of membership."Nice try," Galanti told one Wall Street analyst who plainly suggested that raising fees would"make sense," given the club's record-high renewal rate of over 92 percent in the United States and Canada.
The last increase came in June 2017. If the pattern were to continue, then the next hike is already past due.in March that higher fees would be announced this spring and implemented in the summer. Galanti's comments yesterday effectively quashed that theory.over the last three months, pushing the total count to over 69 million worldwide, the company reported. More than 31 million are executive members, who pay $120 annually for added perks including 2% in cash-back rewards.
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