Costco Wholesale is holding back on its plans to hike up fees for its Gold Star members as inflation continues to depress consumer spending and impact retail sales, long-time CFO Richard Galanti said Thursday during the company’s earnings call for its third quarter fiscal 2023 results.
Galanti declined to give a timeline for any coming hikes. At the end of the day, “with the headline being inflation, we feel very good about if we want to do it, we do it without impacting in any meaningful way renewal rates or sign-ups or anything,” Galanti said about the eventual raise.
The Issaquah, Wash.-based company hinted at the coming price jump for its Gold Star members during its second quarter earnings call in March, with Galanti — a long-term veteran of the company who has served as its CFO since 1993 — noting it was a question of “when, not if.”
Source: RetailDive
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