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Costco keeps membership fees at current price, though hike still a ‘when, not if’
Influencer Joey Kinsley shares his experience shedding pounds while eating only Costco hot dogs for an entire week in an interview with Fox News Business.
Costco is keeping its membership fees at their current prices, a move that may allow customers to breathe a sigh of relief – for now. The retailer, however, did not rule out a future hike.
“It’s when, not if, still,” CFO Richard Galanti said Thursday during the company’s second-quarter earnings call, referring to membership fees.
There had been speculation leading up to Thursday about the possibility that a membership fee hike announcement could coincide with Costco’s latest quarterly report, but it did not come to pass.
A general view of a Costco store on June 28, 2023, in Teterboro, New Jersey. (Kena Betancur/VIEWpress / Getty Images)
Galanti told analysts and investors that renewal rates, new member sign-ups and loyalty “are continuing in the right direction.” These are some of the factors that the company looks at when deciding on membership fees.
SOME OF COSTCO’S BEST TIDBITS FROM VOICE OF THE RETAILER
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 729.35 | -56.24 | -7.16% |
The company reported its total cardholders increased to 132 million as of the end of the second quarter, a 7.3% increase over the same period a year ago.
Costco said it is keeping its membership fees at their current rates, for now. (Dominic Bracco II for The Washington Post via Getty Images / Getty Images)
“It really is a function, and I don’t think it would be done simply because, hey, things have slowed down a bit, let’s do it now,” Galanti added. “We like the fact that we’re performing well. We like the fact that almost all metrics are going in the right direction in our business right now. We’ve got plenty of runway left.”
WHY COSTCO HOT DOGS HAVE KEPT $1.50 PRICE TAG SINCE 1985
He said Costco “will at some point, I’m sure, do it,” and joked it will “be on [Gary Millerchip’s] watch, not mine.” Former Kroger CFO Gary Millerchip is expected to succeed Galanti, when he retires after nearly 40 years next week.
Shoppers wait in a check-out line at a Costco store in Orlando, Florida. (Photo by Paul Hennessy/SOPA Images/LightRocket via Getty Images / Getty Images)
The price of Costco memberships last increased in 2017. In the past, the hikes have typically occurred in roughly 5.5-year intervals, Galanti has previously said.
COSTCO SAID TO BE TESTING OUT MEMBERSHIP CARD SCANNERS AT ENTRANCES
In the second quarter, the retailer brought in $1.1 billion from membership fees, an increase of more than 8% from the nearly $1.03 billion it notched in the same quarter a year earlier.
Costco reported $58.44 billion in second-quarter revenue, below analysts’ estimates of $59.16 billion.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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