Current:Home > MyCostco says it cut prices on some Kirkland Signature products in earnings call -WealthSync Hub
Costco says it cut prices on some Kirkland Signature products in earnings call
View
Date:2025-04-13 18:01:49
Costco reported that it has dropped prices on some of its Kirkland brand items during its fourth quarter earnings call.
Gary Millerchip, Costco chief financial officer, said in last Thursday's call that the company's investment in sustainability allowed for the company to pass along savings to the customer.
Millerchip said that the company cut prices on its Kirkland Signature Boneless Chicken Tenderloins by 13%, and saw a 21% increase in sales.
Other Kirkland Signature price reductions noted included:
- Standard foil reduced from $31.99 to $29.99
- Macadamia nuts reduced from $18.99 to $13.99
- 3-liter Spanish olive oil reduced from $38.99 to $34.99
- 2-pack of baguettes reduced from $5.99 to $4.99
- Laundry packs reduced from $19.99 to $18.99
Millerchip reported that the price cutting was not limited to the U.S., saying that producing toilet paper for the Asian market in Japan allowed the company to cut the price in that market by 30%.
Price reductions come as membership cost rises
The price reductions were discussed almost a month after the company implemented the first hike of its membership cost since 2017.
Gold Star memberships in the U.S. and Canada rose from $60 to $65 in September, and executive memberships increased from $120 to $130.
The company said that the price hike would impact about 52 million memberships when the raise was announced in July.
Millerchip reported that the company saw $1.512 billion in revenue from membership fees, an increase of $3 million. The CFO said that about half of new member sign-ups in fiscal year 2024 were under 40 years of age and that executive memberships saw a 9.7% increase year over year.
Contributing: Mike Snider
veryGood! (4148)
Related
- Trump suggestion that Egypt, Jordan absorb Palestinians from Gaza draws rejections, confusion
- Trump tells women he ‘will be your protector’ as GOP struggles with outreach to female voters
- A snowmobiler who crashed into a parked Black Hawk helicopter is awarded $3 million
- Johnny Cash becomes first musician honored with statue inside US Capitol
- New data highlights 'achievement gap' for students in the US
- NBA preseason schedule: Key dates as 2024-25 regular season rapidly approaches
- Weeks after a school shooting, students return for classes at Apalachee High School
- Maine’s watchdog agency spent years investigating four child deaths. Here are the takeaways.
- How to watch the 'Blue Bloods' Season 14 finale: Final episode premiere date, cast
- Ex-officer charged with couple’s death in Houston drug raid awaits jury’s verdict
Ranking
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- New Hampshire woman to plead guilty in the death of her 5-year-old son
- Bowl projections: James Madison, Iowa State move into College Football Playoff field
- West Virginia state senator arrested on suspicion of DUI, 2nd arrest in months
- $73.5M beach replenishment project starts in January at Jersey Shore
- David Sedaris is flummoxed by this American anomaly: 'It doesn't make sense to me'
- Almost all small businesses are using a software tool that is enabled by AI
- Reinventing Anna Delvey: Does she deserve a chance on 'Dancing with the Stars'?
Recommendation
Spooky or not? Some Choa Chu Kang residents say community garden resembles cemetery
Accused drug dealer arrested in killings of 2 confidential police informants, police in Indiana say
Pac-12 might be resurrected, but former power conference is no longer as relevant
'Wild ride': 8th bull that escaped rodeo in Massachusetts caught after thrilling chase
Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
Lions coach Dan Campbell had to move after daughter's classmate posted family address
US to hand over pest inspections of Mexican avocados to Mexico and California growers aren’t happy
Shailene Woodley Shares Her Beef With Porn as a Very Sexual Person