Costco is known for many things, but it's $1.50 hot dog and soda combo is full of fame – mainly because it has remained the same price since 1985.
In fact, once Costco co-founder Jim Sinegal infamously told the company's former CEO, Craig Jelinek, “If you raise the hot dog, I'm going to kill you. Understand.”
Considering Sinegal's kind words, the price has remained the same, even amid inflation and rising supply costs.
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But in a new interview with BloombergCostco CFO Richard Galanti isn't making any promises that the price won't change eventually.
When asked about the future of the $1.50 combination when Galanti retires on March 15, he gave a vague answer.
“It's probably safe for a while,” Galanti said.
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Galanti will be succeeded by Gary Millerchip, Kroger's former CFO.
Still, Galanti insists that during his nearly 40-year tenure at the company, the core of Costco hasn't changed either.
“The fundamental culture of the company has not changed,” he said Bloomberg. “This is what the founders wrote, the five things you will do, in this order: respect the law, take care of your customers, take care of your employees, respect your suppliers – be tough but fair. Then, reward your shareholders .”
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Costco is coming off a strong fiscal Q2 2024with net income of $1.74 billion in the quarter compared to $1.47 billion at the same time last year, with revenue up $55.27 billion from the same time last year.
Costco it was upstairs up 55% year over year as of Wednesday afternoon.