Costco is famous for many things, but its $1.50 hot dog and soda combo is truly famous, especially because it has remained at the same price since 1985.
In fact, Costco co-founder Jim Sinegal once infamously told the company’s former CEO Craig Jelinek, “If you lift that damn hot dog, I’ll kill you. Figure it out.”
Taking Sinegal’s kind words to heart, the price has remained the same, even in a context of inflation and rising supply costs.
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But in a new interview with BloombergCostco’s chief financial officer, Richard Galanti, doesn’t promise that the price won’t change eventually.
When asked about the future of the $1.50 combo when Galanti steps down on March 15, he responded ambiguously.
“It will probably be safe for a while,” Galanti said.
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Galanti will be succeeded by Gary Millerchip, Kroger’s former chief financial officer.
However, Galanti insists that during his nearly 40-year tenure at the company, the essence of Costco hasn’t changed either.
“The core culture of the company hasn’t changed,” he said Bloomberg. “It’s 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 the your shareholders.”
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Costco is coming off a strong fiscal quarter in the second quarter of 2024, with net income of $1.74 billion in the quarter compared to $1.47 billion in the same period last year, with revenue increasing by 55.27 billion dollars compared to the same period last year.
Costco was up more than 55% year over year Wednesday afternoon.