During its fourth-quarter earnings call, Costco announced it has decreased prices on some Kirkland brand products.

Gary Millerchip, the CFO of Costco, mentioned in a call last Thursday that the company’s focus on sustainability enabled them to provide savings to customers.

He pointed out that prices for Kirkland Signature Boneless Chicken Tenderloins were reduced by 13%, which led to a 21% rise in sales.

Additional reductions for Kirkland Signature products included:

• Standard foil down from $31.99 to $29.99
• Macadamia nuts down from $18.99 to $13.99
• 3-liter bottle of Spanish olive oil down from $38.99 to $34.99
• 2-pack of baguettes down from $5.99 to $4.99
• Laundry packs down from $19.99 to $18.99

Millerchip also noted that the price cuts extended beyond the U.S., with toilet paper production in Japan allowing for a 30% price reduction in that market.

Price cuts come alongside membership fee increases

The discussion on price cuts came nearly a month after Costco raised its membership fees for the first time since 2017.

In September, Gold Star memberships in the U.S. and Canada increased from $60 to $65, while executive memberships rose from $120 to $130.

The company indicated that this membership fee increase would affect about 52 million members, as announced back in July.

Millerchip also revealed that membership revenue reached $1.512 billion, an increase of $3 million from the previous year. He highlighted that approximately half of the new member registrations in fiscal year 2024 were under 40, and executive memberships experienced a year-over-year increase of 9.7%.