Costco's new CEO, who began as a company forklift driver at age 17, considers one of the wholesale giant's most valuable products — and he's not famous hot dog agreement or rotisserie chicken.

It's the Costco membership card.

Costco CEO Ron Vachris, who It `s done the chief executive said in January after more than 40 years with the company wealth that “everything” Costco does supports its membership.

“The most important item we sell is the membership card,” Vachris told the publication.

^{Costco Membership Card Checkout. (Photo by Kena Betancur/VIEWpress)}

The membership card is essential to Costco's bottom line. It accounted for 73% of the company's total revenue last year, according to its 2023 fiscal year earnings ratio.

In other words, memberships generated $4.58 billion in profit to Costco's $6.29 billion. net profit last year.

This is higher than $4.22 billion generated by Costco memberships in 2022 and $3.88 billion in 2021, indicating growth in that aspect of Costco's business.

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Costco has taken steps to preserve membership profits recently, going so far hit on non-members eating at its food courts in March.

The company also appears to be adding digital ID scanning stations at designated locations to ensure members use their ID cards when entering its warehouses.

Entering Costco EXPENCES $60 per year for a Gold Star or Business membership and goes up to $120 per year for an Executive membership.

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