Current:Home > MarketsCostco membership price increase 'a question of when, not if,' CFO says-DB Wealth Institute B2 Expert Reviews
Costco membership price increase 'a question of when, not if,' CFO says
View Date:2024-12-25 15:02:43
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! (1)
Related
- Fantasy football buy low, sell high: 10 trade targets for Week 11
- Melanie Lynskey and More Stars Who Just Missed Out on Huge Roles
- True Thompson and Chicago West Mischievously Pay Tribute to Moms Khloe Kardashian and Kim Kardashian
- The 16 Best Beauty Launches From July 2023: Rare Beauty, Rhode, Kylie Cosmetics, Olaplex, Tower 28 & More
- AIT Community Introduce
- Shop the Summer Shoes From Schutz That Everyone’s Buying Right Now
- Jamie Foxx Shares New Update From Las Vegas 3 Months After Medical Emergency
- You'll Buzz Over Samuel L. Jackson's Gift to Scarlett Johansson and Ryan Reynolds for Their 2008 Wedding
- Burger King is giving away a million Whoppers for $1: Here's how to get one
- Why Oscar De La Hoya Says He Let Travis Barker and Shanna Moakler Raise Daughter Atiana
Ranking
- A crowd of strangers brought 613 cakes and then set out to eat them
- Carlee Russell's disappearance was 'hoax'; charges possible, police say
- Shakira Brings Her 2 Sons as Her Dates to 2023 Premios Juventud
- Ariana Grande Dating Wicked Co-Star Ethan Slater After Dalton Gomez Breakup
- Police identify 7-year-old child killed in North Carolina weekend shooting
- Bachelor Nation's Raven Gates and Adam Gottschalk Welcome Baby No. 2
- Victoria Beckham Performs a Spice Girls Song With David Beckham and Teases More to Come
- What the Mattel CEO Really Thinks of the Satirical Barbie Movie
Recommendation
-
Repair Hair Damage In Just 90 Seconds With This Hack from WNBA Star Kamilla Cardoso
-
Millie Bobby Brown Shares Glimpse Inside Six Flags Trip With Fiancé Jake Bongiovi
-
Megan Fox Caught in Middle of Scuffle After Man Attempts to Punch Machine Gun Kelly
-
Shakira Is Facing Another Tax Fraud Investigation in Spain
-
Catholic bishops urged to boldly share church teachings — even unpopular ones
-
These $24 Pants Have the Sophistication of Trousers and Comfort of Sweatpants
-
Former Columbia University OB-GYN to be sentenced for sexual abuse conviction
-
Ariana Grande Scrubs Dalton Gomez Wedding Photos From Instagram Amid New Romance With Ethan Slater