Costco reveals price cuts on Kirkland Signature products

Fitz-Gerald Group CEO Keith Fitz-Gerald highlights Costco, Palantir and Lockheed Martin stocks ahead of market open.

During a recent earnings call, Costco revealed that it has lowered prices on many popular Kirkland Signature brand items, which is good news for Americans affected by inflation starting in 2021.

Chief Financial Officer Gary Millerchip said the price of KS macadamia nuts dropped from $18.99 to $13.99, 3-liter Spanish olive oil from $38.99 to $34.99, standard foil from $31.99 to $29 .99, laundry packs from $19.99 to $18.99 and baguette two-packs from $5.99 to $4.99.

Millerchip said the price of Kirkland Signature boneless chickens dropped 13%, resulting in a 21% increase in pound sales.

“Kirkland Signature offers members significant value compared to national brands and continues to grow at a faster rate than our overall company,” he added.

THE FIRST INCREASE IN COSTCO MEMBERSHIP FEES IN 7 YEARS IS IN EFFECT

Customers look at groceries at a Costco store in Colchester, Vermont in August. Costco recently announced during its earnings call that prices on certain Kirkland Signature items will be reduced. (Robert Nickelsberg/Getty Images/Getty Images)

The discounts were implemented after Costco’s plan to raise membership prices for the first time in seven years went into effect in September.

Heart	Security	Last	Change	Change %
COST	COSTCO WHOLESALE.	883.11	+7.44	+0.85%

The Wholesale Club has increased annual membership fees by $5 and $10 in the U.S. and Canada, with gold star and business memberships increasing from $60 to $65 and executive memberships increasing to $130 from the previous $120.

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Costco New Jersey customers are charging their cars

Shoppers load their vehicles outside a Costco store in Bayonne, New Jersey in December 2023. (Angus Mordant/Bloomberg via Getty Images/Getty Images)

The cost increase will impact approximately 52 million members, just over half of whom are club executives.

Costco’s last membership fee increase was in June 2017.

A customer browses through books for sale at a Costco store in San Antonio, Texas, in May 2018. (Callaghan O’Hare/Bloomberg via Getty Images/Getty Images)

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Membership with this wholesaler comes with many benefits such as free sample testing; discounts on food, gas, home insurance, travel and groceries; and a 2% annual reward on qualifying purchases at 882 warehouses worldwide.

FOX Business’ Stephen Sorace contributed to this report.