When you go to the grocery store it's amazing to see how much inflation has occurred in just the past year. Big box store Costco is taking a stand against the rising prices and letting Americans know they will still be able to get a meal for under $2 for the foreseeable future.
During a presentation on the company's fourth-quarter results, Richard Galanti, the CFO of Costco said the company is not trying to make up for losses by dumping their low-cost meals.
When asked back in July about raising the price of their famous hot dog combo from the current price of $1.50, Costco CEO Craig Jelinek replied: No.
“We can’t sell this hot dog for $1.50, I once told Jim Sinegal, the co-founder of Costco. We are becoming obsolete. And he threatened to murder you if you raised the effing hot dog. Find a solution,” Jelinek once said.
Attention shoppers! Costco's popular hot dog and soda combo likely to stay under $2 possibly FOREVER, company's CFO says https://t.co/Jv0ZSsEA06 ??
— ABC7 Eyewitness News (@ABC7) September 26, 2022
“We came to the conclusion that we could create our own Kirkland Signature hot dog production facility (in Los Angeles). Our hot dog company has grown so substantially that we’ve built a second facility in Chicago “Jlinek stated. “By having the self-control to tell someone, “You won’t be able to raise your price. We seized control of the situation and began producing our own hot dogs. We maintain it at $1.50 in order to provide a reasonable return.”
Galanti also stated that the company does not plan on raising its $60 annual membership fee anytime soon.
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