You can be on Entrepreneur’s cover!

Costco CFO Implies Future Membership Fee Increase According to Costco Chief Financial Officer Richard Galanti, "it's a question of when, not if."

By Steve Huff

entrepreneur daily
VIEW Press | Getty Images

During a Thursday earnings call, Richard Galanti, the CFO of Costco, seemed to suggest that the wholesale retailer might raise its membership fees at some point in the near future. Galanti was responding to an analyst who asked if a weak economic outlook influenced Costco's decision on the timing of a fee increase. Galanti said that economic considerations definitely played a role in the company's "thought process" on the matter.

In the past, Costco has increased its membership fees approximately every five years or so, with the most recent fee increase occurring in June 2017. It's possible that the company will raise fees again in the future, but there is no official information on when this might happen.

Here's more from Fox Business:

"What we've said again, and I'll say again, is that our view is all the parameters, as it relates to member loyalty and value proposition that we've improved to our member, we have no problem thinking about doing it and doing it ultimately," he said during the earnings call. "So it's a question of when, not if."

Galanti went on to say that Costco management believes the company is "in a very strong competitive position right now" and "if we have to wait a few months or several months, that's fine."

According to Insider, Galanti also said on the same earnings call that Costco is planning to open 24 stores this fiscal year in addition to moving three others.

Steve Huff

Entrepreneur Staff

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This Dad Started a Side Hustle to Save for His Daughter's College Fund — Then It Earned $1 Million and Caught Apple's Attention

In 2015, Greg Kerr, now owner of Alchemy Merch, was working as musician when he noticed a lucrative opportunity.

Business News

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Growing a Business

Bantam Bagels' Founder Fell Into a Mindset Trap 'People Don't Talk About' After Selling the Now-Defunct Business for $34 Million — Here's What Happened

Elyse Oleksak and her husband Nick founded their mini bagel business in 2013 — and it was an instant hit.

Business Solutions

Get an Extra 20% Off the Price of Microsoft Office for Mac or Windows Through April 16

Boost your productivity with special pricing on these proven products.

Business News

X Is Suddenly Prohibiting Users From Hiding Their Blue Checkmarks

Earlier this month, X gave blue checkmarks to accounts with over 2,500 verified users — regardless of whether or not they opted in.


The Best Communicators Follow These 3 Rules When Talking to Those in Authority

Here's to turn a communication mishap into a powerful communication framework.When you are clear about the kind of communication you need, it's easier for people to say the right things and take the right actions.