Costco Just Dropped Prices on Everything From Signature Chicken to Olive Oil
While prices of groceries are still on the rise, Costco, one of America's largest retailers, is giving shoppers a break by making several popular grocery items more affordable.
In a Sept. 26 earnings call, the warehouse chain's CFO Gary Millerchip revealed that the company has dropped its prices for several staple products to give members even better value.
"Our goal is always to be the first to lower prices where we see the opportunities to do so," Millerchip said.
The discounted items include the Kirkland Signature Fresh Boneless Skinless Chicken Tenderloins, the price for which Costco lowered by 13% (an 8.5-pound package is selling for $32.84 online near me in central New Jersey, but prices may vary and are typically lower in stores). Costco saw a 21% increase in pounds of chicken sold after the markdown, according to Millerchip.
Meanwhile, Kirkland Signature Aluminum Foil dropped from $31.99 to $29.99, Kirkland Signature Macadamia Nuts (210 calories per serving) dropped from $18.99 to $13.99, and Kirkland Signature Baguette two-packs dropped from $5.99 to $4.99. Costco also lowered the price of its Kirkland Signature Laundry Detergent Pacs from $19.99 to $18.99 by converting the packaging from a plastic tub to a pouch, which resulted in an 80% reduction in plastic.
Even olive oil—which has been getting much more expensive this year due to bad weather that negatively impacted olive harvests—recently dropped in price at the retailer. Millerchip said that three-liter bottles of Kirkland Signature Spanish Extra Virgin Olive Oil (120 calories per serving) now cost just $34.99 despite previously costing $38.99.
Millerchip said these were "just a few examples" of all the price reductions that Costco has implemented, so customers should keep their eyes peeled for other enticing markdowns in warehouses.
Value is a major cornerstone of Costco's mission as a warehouse club chain. The company charges shoppers an annual fee of either $65 or $130, and in exchange, it prioritizes seeking out the absolute best deals on high-quality or bulk goods for its members.
Millerchip said during the earnings call that lowering prices is another way for Costco to ensure its customers are getting the absolute best value. This is especially important after the company recently raised its yearly membership rates for the first time in seven years.
"As we increase the membership fee, our goal is always to find ways to deliver more value for the member. And we think about that pretty holistically. It can be lowering prices. It can be launching new Kirkland Signature products. It's also investing in ways that we can improve member experience…," Millerchip said.
In good news for Costco, shoppers seem to be taking the fee hike in stride. Millerchip said that they haven't heard a "significant member reaction" to the increase and there has been "no real change" in membership renewal rates.
Nutrition information has been included when available.
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