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Costco is famous for many things, but it’s famous for its $1.50 hot dog and soda combo. Mainly because the price has remained the same since 1985.
In fact, Costco co-founder Jim Sinegal once told the company’s former CEO Craig Jelinek, “If you lift hot dogs, I’ll kill you. Do something.” ” he once infamously said.
Heeding Mr. Sinegal’s kind words, prices remained unchanged despite inflation and rising costs of supply.
Related article: Costco reveals stance on $1.50 hot dog and soda combo under inflation
But in a new interview, bloombergCostco CFO Richard Galanti isn’t promising that prices will ultimately remain the same.
Asked about the future of $1.50 Combo if Mr. Galanti resigns on March 15, he was vague.
“We’ll probably be safe for a while,” Galanti said.
Related article: Costco CEO steps down after 11 years – he has “full confidence” in his successor
Galanti will be replaced by former Kroger Chief Financial Officer Gary Millerchip.
Still, Galanti insists the essence of Costco hasn’t changed during his nearly 40 years with the company.
“The underlying culture of the company hasn’t changed,” he said. Bloomberg. “These are the five things our founders wrote that we must do in this order: obey the law, take care of our customers, take care of our employees, respect our suppliers, and be tough but fair. ., reward shareholders.”
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Costco reported strong financial results for the second quarter of 2024, with net income of $1.74 billion compared to $1.47 billion in the same period last year, and sales increasing $55.27 billion year-on-year. There is.
Costco was up more than 55% year over year as of Wednesday afternoon.
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