Costco reveals Kirkland Signature item price cuts
Price cuts come after Costco raised membership fees for first time in seven years
The Fitz-Gerald Group principal Keith Fitz-Gerald spotlights Costco, Palantir and Lockheed Martin stocks ahead of the market open.
Costco revealed during a recent earnings call that it has slashed the prices of numerous popular Kirkland Signature items, welcome news for Americans affected by inflation since 2021.
Chief Financial Officer Gary Millerchip said the price of KS Macadamia nuts has fallen from $18.99 to $13.99, Spanish Olive Oil 3-liter from $38.99 to $34.99, Standard Foil from $31.99 to $29.99, laundry packs from $19.99 to $18.99 and the Baguette 2-pack from $5.99 to $4.99.
Millerchip said the price of Kirkland Signature Boneless Chicken Tenders has fallen by 13%, resulting in a 21% increase in pounds sold.
"Kirkland Signature offers significant member value compared to the national brands and continues to grow at a faster pace than our business as a whole," he added.
COSTCO’S FIRST MEMBERSHIP FEE INCREASE IN 7 YEARS NOW IN EFFECT
Customers look over food items at a Costco store in Colchester, Vermont, in August. Costco recently announced during an earnings call that the prices of some Kirkland Signature items will be reduced. (Robert Nickelsberg/Getty Images / Getty Images)
The discounts come as Costco’s plan to raise the price of its membership for the first time in seven years took effect in September.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 919.51 | +12.44 | +1.37% |
The wholesale club increased annual membership fees by $5 and $10 in the U.S. and Canada, with "gold star" and business memberships up from $60 to $65, and executive memberships increasing to $130 from the earlier $120.
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Shoppers load up their vehicles outside a Costco store in Bayonne, N.J., in December 2023. (Angus Mordant/Bloomberg via Getty Images / Getty Images)
The cost increase will impact around 52 million memberships, a little more than half of which are the club’s executive members.
Costco last raised membership fees in June 2017.
A customer views books displayed for sale at a Costco store in San Antonio, Texas, in May 2018. (Callaghan O'Hare/Bloomberg via Getty Images / Getty Images)
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Membership with the wholesale giant comes with a multitude of perks such as testing of free samples; discounts on food, gas, home insurance, travel and grocery items; and an annual 2% reward on qualified purchases at its 882 warehouses worldwide.
FOX Business’ Stephen Sorace contributed to this report.