Costco CFO comments on yearly membership price hike: ‘We haven’t needed to do it’

Membership fees at Costco seemingly won’t be increasing anytime soon, company officials shared during an earnings call on Thursday.

Costco CFO Richard Galanti shared during the call that the company has seen “strong renewal rates, strong new signups and strong loyalty” regarding its membership program.

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“We haven’t needed to do it. We like providing extreme value,” Galanti said. “Certainly, while we have gone a little longer without an average increase, we feel we have driven more value to the membership.”

“It’s a question of when, not if, but with this juncture, we feel good about what we are doing.”

During an earnings call in September, Galanti said a price increase for the company’s yearly membership is expected but didn’t disclose when it would roll out.

Since 2017, Costco’s Gold Star membership has cost $60 and the Executive membership has cost $120.

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The company has also been monitoring the unauthorized use of its membership cards.

“We don’t feel it’s right that non-members receive the same benefits and pricing as our members,” the wholesale giant said in a statement to Insider. “As we already ask for the membership card at checkout, we are now asking to see their membership card with their photo at our self-service checkout registers.”

Costco employees nationwide have been spot-checking customers’ membership cards in self-checkout lines, where the bulk of the unauthorized card-sharing takes place, Insider reported.

For those who want to purchase a Costco membership before the looming price increase, now is a great time to do one. Customers who buy the $60 Gold Star membership through Social Stack can also receive a $40 gift card.

The offer is available online until Dec. 31.

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