Latest news with #RichardGalanti
Yahoo
15-05-2025
- Business
- Yahoo
Purchase limits have tightened on Costco gold bars as popularity boomed
Gold has become such a hot commodity that Costco is apparently limiting how much its members can buy. The warehouse retailer began selling 24-karat gold bars to its members in 2023, with a limit of two bars per person. Now, that limit has changed to one per transaction and a maximum of two bars per 24 hours, when you look on the retailer website. The price tag for a 1-ounce South African-made gold bar? $3,279.99, much higher than the $2,000 they were going for 19 months ago, shortly after Costco began selling them. However, that price increase is understandable as gold prices have risen more than 70% over that time – hitting record highs in April. Noodles & Company: Could shutter up to 21 locations in 2025 Another listing, for the 1-ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan, limits members to one item per transaction and a maximum of two items per 24 hours, down from a limit of five items per 24 hours in January. The same product had a cap of two purchases per membership in September 2023, according to an archived snapshot of the listing. The retailer also has limits on other precious metals including: 1-ounce American Eagle gold coin ($3,329.99; one per transaction and two per 24 hours) 10-ounce silver bar ($359.99; one per transaction and 10 per 24 hours) One option without a limit is the smaller 5-gram gold bar on an 18-karat gold chain, priced at $1,149.99. Costco did not respond to a request for comment from USA TODAY. The gold bars constantly sold out when they were first available online in 2023. "When we load them on the site, they're typically gone within a few hours, and we limit two per member,' Costco's then-chief financial officer Richard Galanti told analysts during the company's earnings call in September 2023, according to a transcript from S&P Global Market Intelligence. Sales of gold and other categories including jewelry were up double digits in the 24-week period ending Feb. 16, chief financial officer Gary Millerchip said. The retailer also began selling silver Canadian coins in March 2024. Costco could be making $100 million to $200 million a month by selling gold bars, Wells Fargo Equity Research estimated in April 2024. If gold prices remain high – prices rose more than 1% on Thursday, May 15 – and economic uncertainty continues, the bars could remain popular purchases. "You know things are getting weird when your mom starts eyeing gold bars at Costco like it's toilet paper in 2020," one social media user quipped. Contributing: Fernando Cervantes Jr., Mary Walrath-Holdridge and Anthony Robledo, USA TODAY. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day This article originally appeared on USA TODAY: Costco gold bars: Retailer tightened purchase limits as prices rose
USA Today
15-05-2025
- Business
- USA Today
Purchase limits have tightened on Costco gold bars as popularity boomed
Purchase limits have tightened on Costco gold bars as popularity boomed Show Caption Hide Caption What's really going on with gold prices? Gold recently reached a record high as geopolitical tensions pushed investors towards the traditional safe play. Merryn Somerset Webb explains what's going on - and where things could go from here. Bloomberg - Politics Gold has become such a hot commodity that Costco is apparently limiting how much its members can buy. The warehouse retailer began selling 24-karat gold bars to its members in 2023, with a limit of two bars per person. Now, that limit has changed to one per transaction and a maximum of two bars per 24 hours, when you look on the retailer website. The price tag for a 1-ounce South African-made gold bar? $3,279.99, much higher than the $2,000 they were going for 19 months ago, shortly after Costco began selling them. However, that price increase is understandable as gold prices have risen more than 70% over that time – hitting record highs in April. Noodles & Company: Could shutter up to 21 locations in 2025 Another listing, for the 1-ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan, limits members to one item per transaction and a maximum of two items per 24 hours, down from a limit of five items per 24 hours in January. The same product had a cap of two purchases per membership in September 2023, according to an archived snapshot of the listing. The retailer also has limits on other precious metals including: 1-ounce American Eagle gold coin ($3,329.99; one per transaction and two per 24 hours) 10-ounce silver bar ($359.99; one per transaction and 10 per 24 hours) One option without a limit is the smaller 5-gram gold bar on an 18-karat gold chain, priced at $1,149.99. Costco did not respond to a request for comment from USA TODAY. Costco: Consumers still snapping up gold bars The gold bars constantly sold out when they were first available online in 2023. "When we load them on the site, they're typically gone within a few hours, and we limit two per member,' Costco's then-chief financial officer Richard Galanti told analysts during the company's earnings call in September 2023, according to a transcript from S&P Global Market Intelligence. Sales of gold and other categories including jewelry were up double digits in the 24-week period ending Feb. 16, chief financial officer Gary Millerchip said. The retailer also began selling silver Canadian coins in March 2024. Costco could be making $100 million to $200 million a month by selling gold bars, Wells Fargo Equity Research estimated in April 2024. If gold prices remain high – prices rose more than 1% on Thursday, May 15 – and economic uncertainty continues, the bars could remain popular purchases. "You know things are getting weird when your mom starts eyeing gold bars at Costco like it's toilet paper in 2020," one social media user quipped. Contributing: Fernando Cervantes Jr., Mary Walrath-Holdridge and Anthony Robledo, USA TODAY. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
Yahoo
12-03-2025
- Business
- Yahoo
Costco Wholesale (NasdaqGS:COST) Sees 6% Price Dip Despite Strong Earnings
Costco Wholesale announced robust financial results for the second quarter and six months ending February 16, 2025, reporting increased sales, revenue, and net income compared to the previous year. Despite this strong financial performance, Costco's share price recorded a 6.45% decline over the past quarter. This period was marked by investor concerns amidst broader market volatility driven by economic uncertainty and the prospect of a recession. The market's reaction to Costco's earnings was out of step with the positive financial results and might be influenced by labor issues such as Teamsters' strike threats, as well as executive changes, including the retirement of Richard Galanti as Executive Vice President. Moreover, the recent improvement in consumer price index data did not offset the lingering caution. While tech stocks rallied, the broader market remains jittery, as reflected in significant drops in major indices, further straining Costco's stock performance despite its solid business fundamentals. Navigate through the intricacies of Costco Wholesale with our comprehensive balance sheet health report here. Contemplating Other Strategies? The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. The last five years have witnessed a remarkable total return of 229.48% for Costco Wholesale. This impressive performance has been driven by several key developments. Consistent earnings growth has been a significant factor, with earnings increasing by 13.9% annually over the period. During the fiscal years, Costco also declared regular dividends, providing steady income to shareholders, such as the recent US$1.16 per share dividend reported in January 2025. Importantly, Costco's returns over the past year have surpassed both the US market's 8.8% return and the Consumer Retailing industry's 24.7% return, offering further context for its long-term achievements. Despite this robust growth, recent labor disputes, such as the Teamsters' strike threat in early 2025, have added elements of uncertainty. However, strong sales figures, including a 9.2% rise in January sales to US$19.51 billion, underpin Costco's enduring appeal. Leadership changes, notably Richard Galanti's retirement as Executive Vice President, also play a role in shaping future directions but haven't derailed the company's sustained growth trajectory. Got skin in the game with Costco Wholesale? Elevate the management of your position by using Simply Wall St's portfolio, where intuitive tools await to help optimize your investment outcomes. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NasdaqGS:COST. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Yahoo
26-01-2025
- Business
- Yahoo
Costco swapping out Pepsi products at food courts, CEO confirms
(NEXSTAR) — Costco is rolling out a big change at its food courts — don't worry, the $1.50 hot dog and soda combo is safe. If you enjoyed getting a Pepsi with your hot dog, however, you may have an unpleasant surprise the next time you stop at the food court. Costco is swapping out Pepsi at its soda fountains for Coca-Cola products. CEO Ron Vachris confirmed Costco 'will be converting our food court fountain business back over to Coca-Cola' during the company's shareholders meeting on Thursday, according to CNN. The switchover is expected to happen this summer. Chick-fil-A's waffle fries may taste different: Here's why For more than a decade, it was Pepsi that was found at the fountains in Costco food courts nationwide. Prior to 2013, though, it was Coke products that were consumed alongside chicken bakes and hot dogs. Rumors have been circulating for months that Costco may switch to Coke in the food court, drawing support from customers online. One Reddit user warned it 'better not be a December fools prank' while another said the then-rumor made their 'whole day.' When Costco swapped Coke for Pepsi, it was a move to help keep its beloved hot dog at $1.50. Costco has repeatedly reassured consumers over the last few years that it would not raise the price of its hot dog and soda combo, even as consumer prices rose and membership fees climbed. The combo has been available for $1.50 since the mid-1980s. But, comments by the company's former CFO, Richard Galanti, caused uncertainty about the item's future. Netflix is raising prices again: Here's when, and how much your bill is going up While he said in 2022 that the hot dog and soda combo would stay at $1.50 'forever,' the tone changed early last year when Galanti told Bloomberg that the $1.50 combo deal's price might only be 'probably safe for a while' after his departure. For now, at least, the combo's beloved price tag is set to remain — you'll just have a different selection of soda to pair with the quarter-pound all-beef hot dog. Last year, Subway made a similar swap, dropping Coke products for Pepsi. In early 2023, the Midwest fast-casual chain Culver's announced it was replacing Pepsi products with Coke, leaving some fans disappointed. Customers called it an 'all-time blunder' and one of the 'saddest' moments in their lives. Nexstar's Michael Bartiromo contributed to this report. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
26-01-2025
- Business
- The Hill
Costco swapping out Pepsi products at food courts, CEO confirms
(NEXSTAR) — Costco is rolling out a big change at its food courts — don't worry, the $1.50 hot dog and soda combo is safe. If you enjoyed getting a Pepsi with your hot dog, however, you may have an unpleasant surprise the next time you stop at the food court. Costco is swapping out Pepsi at its soda fountains for Coca-Cola products. CEO Ron Vachris confirmed Costco 'will be converting our food court fountain business back over to Coca-Cola' during the company's shareholders meeting on Thursday, according to CNN. The switchover is expected to happen this summer. Chick-fil-A's waffle fries may taste different: Here's why For more than a decade, it was Pepsi that was found at the fountains in Costco food courts nationwide. Prior to 2013, though, it was Coke products that were consumed alongside chicken bakes and hot dogs. Rumors have been circulating for months that Costco may switch to Coke in the food court, drawing support from customers online. One Reddit user warned it 'better not be a December fools prank' while another said the then-rumor made their 'whole day.' When Costco swapped Coke for Pepsi, it was a move to help keep its beloved hot dog at $1.50. Costco has repeatedly reassured consumers over the last few years that it would not raise the price of its hot dog and soda combo, even as consumer prices rose and membership fees climbed. The combo has been available for $1.50 since the mid-1980s. But, comments by the company's former CFO, Richard Galanti, caused uncertainty about the item's future. While he said in 2022 that the hot dog and soda combo would stay at $1.50 'forever,' the tone changed early last year when Galanti told Bloomberg that the $1.50 combo deal's price might only be 'probably safe for a while' after his departure. For now, at least, the combo's beloved price tag is set to remain — you'll just have a different selection of soda to pair with the quarter-pound all-beef hot dog. Last year, Subway made a similar swap, dropping Coke products for Pepsi. In early 2023, the Midwest fast-casual chain Culver's announced it was replacing Pepsi products with Coke, leaving some fans disappointed. Customers called it an 'all-time blunder' and one of the 'saddest' moments in their lives.
