Costco Wholesale lowered prices on four Kirkland Signature private-label products during its fiscal third quarter, executives disclosed on the company’s May 28 earnings call, with reductions ranging from $1 to $10 across food, home goods, and sporting equipment categories.
Among the four products cited by Fox Business, the largest markdown landed on Kirkland Signature King Size Sheets, whose price dropped $10 to $79.99; Kirkland Signature Golf Balls shed $3 to reach $29.99; and two food items — Kirkland Signature Crispy Wings and Kirkland Signature Milk Chocolate Almonds — moved to $14.99 and $18.99, respectively
The company did not advertise the changes in stores or online. CFO Gary Millerchip said on the earnings call that Costco had “invested in lower prices for our members on several everyday items” during the quarter. CEO Ron Vachris framed the move within the company’s broader pricing philosophy. “Our goal is to be the first to lower prices and the last to raise them,” Vachris said.
Costco’s membership fee model gives the company flexibility to absorb cost pressures without immediately passing them on to shoppers. Membership fee revenue for the quarter reached $1.37 billion, up 10.7% from a year earlier. Costco has executed similar moves before.