Costco's CFO confirms the permanence of the $1.50 hot dog and soda combo.
New CFO. Same old hot dog.
Gary Millerchip, Costco's new finance chief, has given an update on the price of the chain's famous $1.50 hot dog and soda combo after just two months in his role.
Millerchip stated to CNN's Nathaniel Meyersohn that the price will remain unchanged since 1995.
He reportedly said, "I want to confirm the safety of the $1.50 hot dog price."
Richard Galanti, a former CFO of Millerchip, gave his final interview after 40 years as one of the wholesale chain's top executives, and Millerchip's reassurances align with what Galanti said in that interview.
In March, Bloomberg was told by him that it was likely safe for a while.
While Costco could easily make choices to increase profits, the chain prioritizes delivering the value its customers adore.
"We consistently earn more than our expenses each year," he stated. "I'm not seeking to maximize profits by taking on additional risk."
In 2022, Galanti stated that Costco would continue to offer the ¼-pound all-beef frank at $1.50 by utilizing other aspects of its business.
By doing well with margins, some businesses can be more aggressive in other areas or hold the price on hot dogs and sodas for a longer period, as mentioned.
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