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Costco reveals price cuts on popular Kirkland Signature items

By Austin Williams
Published  October 3, 2024 7:32pm MST
Consumer
FOX TV Digital Team

History of Costco

Here's how Costco, the world's largest warehouse membership club, came to be.

The Brief:

    • Costco says it cut prices on Kirkland Signature products like chicken and olive oil.
    • Membership fees recently increased in the U.S. and Canada, rising from $60 to $65.
    • Despite the hike, membership revenue rose to $1.512 billion.

LOS ANGELES - Costco recently announced price reductions on several popular Kirkland Signature products during its fourth-quarter earnings call. These price cuts come shortly after the company raised the cost of its membership.

Some of the biggest reductions include a 13% price cut on Kirkland Signature Boneless Chicken Tenderloins, which led to a 21% increase in sales. Other items with price reductions include:

  • Standard foil, reduced from $31.99 to $29.99
  • Macadamia nuts, reduced from $18.99 to $13.99
  • 3-liter Spanish olive oil, reduced from $38.99 to $34.99
  • 2-pack of baguettes, reduced from $5.99 to $4.99
  • Laundry packs, reduced from $19.99 to $18.99

How do these price cuts affect customers?

These price reductions, especially on frequently purchased items, offer Costco members a way to save on essentials, even as the company has recently increased its membership fees.

RELATED: Costco raising membership fees this weekend – the first time since 2017

How has Costco's membership fee changed?

In September 2024, Costco raised the price of its Gold Star membership in the U.S. and Canada from $60 to $65, marking the first increase since 2017. Executive memberships also rose, from $120 to $130. This fee hike impacts roughly 52 million memberships across both countries.

What impact did the membership fee hike have on Costco?

Despite the price hike, Costco reported an increase in membership revenue, reaching $1.512 billion. Notably, around half of new members in fiscal year 2024 were under 40 years old, and executive memberships grew by 9.7% year over year, according to CFO Gary Millerchip.

The Source:
This information is based on Costco’s fourth-quarter earnings call and official company reports. For more details, refer to statements from Costco executives and financial filings.