Retail giant, Costco is still holding off on raising its membership fees even after rival Sam’s Club hiked its fees in late August The company reported record fourth-quarter results that beat expectations.
Currently, A Costco membership costs $60 a year, or $120 a year for an executive membership that comes with additional perks. With nearly 117 million cardholders, Costco is one of the largest membership warehouse chains worldwide.
Costco CFO Richard Galanti said in a statement:
We’re seeing commodities — some commodities prices coming down, such as gas, steel, and beef, relative to a year ago, even some small cost changes in plastics. We’re seeing some relief on container pricing. No longer any big capacity issues or container shortages. Wages are still the higher thing when we talk to our suppliers. And as we all know, wages still seem to be the one thing that’s still relatively higher. But overall, some beginnings of some light at the end of that tunnel. Now I’m not suggesting it’s January ’23. I’m just saying it’s not there yet anyway. And our view is, is we are confident in our ability to do so. And at some point, we will. But it’s a question of when not if.
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