One of Costco's signature deals isn't going anywhere.
Gary Millerchip, chief financial officer of the wholesale chain, on Thursday addressed the future of the $1.50 hot-dog and drink deal -- which has long been a staple of Costco's food court -- and vowed to keep it.
He relayed the good consumer news during a quarterly earnings conference call with shareholders, according to Fox Business.
Millerchip pledged to continue the business practices of his recently retired predecessor, Richard Galanti.
"While I can't promise to be able to match the humor that Richard Galanti has become famous for, I can promise the same level of open dialogue and transparency you've come to expect," Millerchip said.
Costco’s new finance chief today: “I also want to confirm the $1.50 hot dog price is safe.”
— Nathaniel Meyersohn (@nmeyersohn) May 30, 2024
"Oh, and to clear up some recent media speculation, I also want to confirm the $1.50 hot-dog price is safe."
Costco’s new CFO just did his first earnings call. During the opening remarks, he had to mention that the $1.50 Hot Dog deal is safe.
Incredible commitment to the bit. pic.twitter.com/aSqZlA2yZs
— Trung Phan (@TrungTPhan) May 31, 2024
The company's bottom line might have proved essential in preserving the affordable deal.
Costco has weathered poor economic conditions in the past year, according to Yahoo.
The company reported 6 percent year-over-year gains in same-store sales in Millerchip's conference call.
Costco has long fiercely defended the somewhat dated price point, according to Today.
The scorching inflation that has defined the economy during President Joe Biden's tenure hasn't proved fatal to some other low-cost items that are favorites of consumers.
The founder of Arizona Iced Tea pledged in late 2022 to keep the can's 99-cent price point until it isn't possible anymore, CNBC reported.
“For as long as we can, we’re going to hold our price,” chairman and founder Don Vultaggio said of the bargain.
Vultaggio pointed to the tea maker's refusal to spend money on marketing luxuries such as Super Bowl ads as a defining difference between Arizona and other drink chains.
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