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Costco CFO weighs in on $1.50 hot dog and soda combo’s future
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.
Outgoing Costco CFO Richard Galanti on Tuesday provided an update on whether customers might see changes to the cost of the warehouse retailer’s $1.50 hot dog and soda combo.
The deal “is probably safe for a while” after his decades-long tenure as Costco’s CFO ends on Friday, Galanti told Bloomberg. Former Kroger CFO Gary Millerchip will succeed Galanti.
The hot dog and soda combo has long been a fixture of Costco’s food court, and so has its $1.50 price. The company hasn’t increased the combo’s cost in the roughly four decades it has offered it thanks to a pledge from its founders, FOX Business previously reported.
Customers wait in line to order at a Costco food court outside a Costco Wholesale Corp. store on June 14, 2022, in Hawthorne, California. (PATRICK T. FALLON/AFP via Getty Images / Getty Images)
The retiring CFO previously faced questions about maintaining the combo’s price tag. In September 2022, when inflation was much higher than its current level, Galanti said the margin on its gas and travel businesses “help us be more aggressive in other areas or… hold the price on the hot dog and the soda a little longer, forever.”
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Meanwhile, Costco has made some recent changes to food options at its food courts.
Costco Wholesale Corporation
The retailer stopped offering its churro. In place of the sweet treat, Costco added a chocolate chip cookie, Galanti said on Costco’s second-quarter earnings call. The cookie costs $2.49.
A look at prices at a Costco store’s food court in Danville, California, on July 3, 2022. (Smith Collection/Gado/Getty Images / Getty Images)
Costco’s food courts also recently began offering a $6.99 turkey sandwich, according to Galanti.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 736.88 | +22.80 | +3.19% |
COSTCO KEEPS MEMBERSHIP FEES AT CURRENT PRICE, THOUGH HIKE STILL A ‘WHEN, NOT IF’
The retailer has said its ancillary businesses like food courts and gas stations encourage Costco members to visit its warehouses more often.
A view of a Costco store on June 28, 2023, in Teterboro, New Jersey. (Kena Betancur/VIEWpress / Getty Images)
Its total number of cardholders increased to 132 million as of the end of the second quarter. Costco has 875 warehouses worldwide.
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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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