Current:Home > NewsCostco membership price increase 'a question of when, not if,' CFO says-LoTradeCoin
Costco membership price increase 'a question of when, not if,' CFO says
View Date:2024-12-23 23:46:19
Costco shoppers should not expect a membership price hike just yet, but recent comments from the company's CFO make an increase seem likely.
"It's a question of when, not if," Costco Chief Financial Officer Richard Galanti said during the company's earnings call on Tuesday.
The last time the wholesale giant raised its dues was in June of 2017. Galanti noted that membership hikes typically happen every five to six years, but now still isn't the right time for one.
"You'll see it happen at some point," Galanti said. "We'll let you know when we know. We can’t really tell you if it’s in our plans or not."
National Coffee Day 2023:Dunkin', Krispy Kreme and more coffee spots have deals, promotions
Since 2017, Costco's Gold Star membership costs $60, after a $5 increase from its price in 2011. The Executive Membership costs twice that at $120.
In the last quarter, membership income brought in around $1.5 billion for Costco, Galanti said during the call.
A crackdown on membership-sharing
Galanti's update comes during a time when Costco shoppers have noticed greater enforcement on unauthorized card-sharing.
While there hasn't been an official change to Costco's policies, shoppers noticed that employees were more frequently checking membership ID pictures in self-checkout lanes.
'We don't feel it's right':Costco cracks down on card sharing among non-member shoppers
"We don’t feel it’s right that non-members receive the same benefits and pricing as our members," Costco previously said in a statement to USA TODAY. "Costco is able to keep our prices as low as possible because our membership fees help offset our operational expenses, making our membership fee and structure important to us."
The retailer has over 127 million cardholders at the end of the fourth quarter, Galanti said.
"We feel good, needless to say, about all the attributes of member loyalty and member growth," Galanti went on to say. "And frankly, in terms of looking at the values that we provided our members, we continue to increase those certainly a greater amount than even more if and when an increase occurs."
veryGood! (41)
Related
- GreenBox Systems will spend $144 million to build an automated warehouse in Georgia
- The Masters: When it starts, how to watch, betting odds for golf’s first major of 2024
- South Carolina’s top officer not releasing details on 2012 hack that stole millions of tax returns
- Oakland’s airport considers adding ‘San Francisco’ to its name. San Francisco isn’t happy about it
- Taylor Swift drops Christmas merchandise collection, including for 'Tortured Poets' era
- Bridgerton Season 3 Trailer’s Scandalous Romance is the Object of All Your Desires
- 'Barbie' star Margot Robbie to produce 'Monopoly' movie; new 'Blair Witch' in the works
- Blake Lively Jokes She Manifested Dreamy Ryan Reynolds
- NBC's hospital sitcom 'St. Denis Medical' might heal you with laughter: Review
- What are the most difficult holes at the Masters? Ranking Augusta National's toughest holes
Ranking
- Roster limits in college small sports put athletes on chopping block while coaches look for answers
- Ariana Grande, Cynthia Erivo 'poured our hearts' into the musical movie magic of 'Wicked'
- John Calipari's Arkansas contract details salary, bonuses for men's basketball coach
- Raphinha scores twice as Barcelona beats PSG 3-2 in 1st leg of Champions League quarterfinals
- Michigan soldier’s daughter finally took a long look at his 250 WWII letters
- Cornell student accused of posting violent threats to Jewish students pleads guilty in federal court
- 'The View' crew evacuates after kitchen grease fire breaks out on 'Tamron Hall' set
- The Daily Money: A car of many colors
Recommendation
-
Isiah Pacheco injury updates: When will Chiefs RB return?
-
Jake Paul: Mike Tyson 'can't bite my ear off if I knock his teeth out'
-
Psych exams ordered for mother of boy found dead in suitcase in southern Indiana
-
Recall effort targeting Republican leader in Wisconsin expected to fail
-
J.Crew Outlet Quietly Drops Their Black Friday Deals - Save Up to 70% off Everything, Styles Start at $12
-
At least two shot when gunfire erupts at Philadelphia Eid event, official tells AP
-
Salmon fishing is banned off the California coast for the second year in a row amid low stocks
-
Mississippi bill would limit where transgender people can use bathrooms in public buildings