Costco CFO guarantees no price hike for $1.50 hot dog combo
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Costco CFO Gary Millerchip spent his first earnings call securing the wholesaler’s price for a hot dog and drink at $1.50.
This price has been set since Costco co-founder James Sinegal ran the business as its CEO. Sinegal retired in 2011, but promised the price would remain the same. All these years later, rumors arose that the price would need to be increased as production costs went up.
“To clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe,” Millerchip said at the top of his first earnings call as CFO.
During the third quarter earnings call, Costco revealed it had made $54.6 billion in net sales, which was over a 9% growth from the quarter before. As a result, it made a net $1.68 billion in revenue in that time.
Costco continues to add to its store brands, including makeup removing wipes, cinnamon rolls, walking shoes, and among other things. It recently experimented with lowering the price of its shrimp by a dollar and its pine nuts by five dollars.
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The wholesaler only continues to increase its membership with over 133 million memberships worldwide. Some 90% of members opt to renew their annual memberships.
The membership fee can cost $60 a year for a standard membership and $120 a year for an executive membership.
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