Current:Home > FinanceCostco says it cut prices on some Kirkland Signature products in earnings call-InfoLens
Costco says it cut prices on some Kirkland Signature products in earnings call
View Date:2024-12-23 14:28:45
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! (97)
Related
- School workers accused of giving special needs student with digestive issue hot Takis, other abuse
- Olympic committee president Thomas Bach says term limits at the IOC ‘are necessary’
- As war grows, those who want peace for Israelis and Palestinians face harrowing test
- Israeli couple who were killed protecting their twin babies from Hamas gunmen were heroes, family says
- Walmart Planned to Remove Oven Before 19-Year-Old Employee's Death
- What did Saturday's solar eclipse look like? Photos show a 'ring of fire' in the sky.
- Former MSU football coach Mel Tucker uses toxic tactic to defend himself
- Even with economic worries, Vivid Seats CEO says customers still pay to see sports and hair bands
- Louisiana House greenlights Gov. Jeff Landry’s tax cuts
- Q&A: After its Hottest Summer On Record, Phoenix’s Mayor Outlines the City’s Future
Ranking
- Groups seek a new hearing on a Mississippi mail-in ballot lawsuit
- European Union leaders to hold a summit with Western Balkans nations to discuss joining the bloc
- Tens of thousands across Middle East protest Israeli airstrikes on Gaza
- Inside Taylor Swift and Travis Kelce's Very Genuine Connection
- Judge sets April trial date for Sarah Palin’s libel claim against The New York Times
- Afghanistan earthquake relief efforts provided with $12 million in U.S. aid
- Arizona tribe protests decision not to prosecute Border Patrol agents who fatally shot Raymond Mattia
- Scientists built the largest-ever map of the human brain. Here's what they found
Recommendation
-
Early Week 11 fantasy football rankings: 30 risers and fallers
-
Buffalo Bills hang on -- barely -- in a 14-9 win over the New York Giants
-
AP Top 25 Takeaways: Oregon-Washington embrace 4-down football; Resetting the Heisman Trophy race
-
French authorities say school where teacher was fatally stabbed last week evacuated over bomb alert
-
'Climate change is real': New York parks employee killed as historic drought fuels blazes
-
CDC director Cohen, former Reps. Butterfield and Price to receive North Carolina Award next month
-
Sony announces new controller to improve gaming accessibility for people with disabilities
-
Huge turnout in Poland's decisive election, highest since 1919