'[I]t's a question of when, not if,' the CEO told investors on a recent earnings call.
for months now, while keeping everyone guessing about when it will actually take place. His comments yesterday were the clearest indication yet that a rate hike is imminent. He spoke in terms of months, not years, while being intentionally vague about the details.
Galanti noted that Costco's revenues from fresh food sales decreased during the most recent quarter, partly because the wholesaler refused to raise its prices even with inflated food costs. By holding down prices, Costco expects to sell more, and that higher volume leads to bigger profits."In our view, people do notice those price differences," he said.
"There's no analytical framework we use other than we feel very good about our member loyalty and our strength," Galanti said, brushing aside analysts' questions about factors that could trigger a fee increase, such as a sluggish U.S. economy and decrease in shopper traffic. Costco reported over $54 million in net sales this past quarter, an increase of 8 percent but one that fell short of analysts' expectations.
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