Latest news with #GaryMillerchip
Axios
a day ago
- Business
- Axios
Costco changing hours for executive members on June 30
Costco is rolling out earlier shopping hours for executive members at U.S. warehouses — a subtle but significant shift nearly a year after raising membership fees for the first time since 2017. Why it matters: The perk is a way to add value to the membership club's top tier and potentially increase the ranks of executive members who make up a higher percentage of sales. Executive members make up more than 47% of Costco's paid memberships but represent 73.1% of sales globally, Costco CFO Gary Millerchip said on a May 29 earnings call. The big picture: The move mirrors a tactic from rival Sam's Club, which has long offered exclusive hours and extra perks to its premium-tier members. Costco previously had early hours for executive members and during the pandemic opened early some days for seniors and members with disabilities. When do Costco executive member hours start? Zoom in: Costco said in an email to members that the new executive member benefits are effective Monday, June 30. Warehouses will open at 9am daily exclusively for executive members. Another new benefit is a $10 monthly credit on same-day or Costco via Instacart orders of $150 or more. New Costco early executive shopping hours The following are Costco's new early shopping hours: Monday to Friday: 9am to 10am Saturday: 9am to 9:30am Sunday: 9am to 10am Yes, but: Locations that had been open at 9am for all members will also make a change. "Our U.S. locations that currently open at 9 am, will transition June 30th to limiting access to Executive Members only during the times outlined," Costco said in a comment on its Instagram post. Clubs will open at 10am weekdays and Sundays for all members and 9:30am on Saturdays. Costco's business centers and gas stations are not affected with the changes. Costco Saturday hours extended for all members What's next: Costco said that "U.S. warehouses will stay open one extra hour on Saturdays, closing at 7 pm for all members." Costco membership cost, executive member benefits Flashback: Costco increased membership fees for both Gold Star and Executive tiers by $5 and $10 respectively, effective Sept. 1, 2024. Gold Star and business membership fees are $65, up from $60. Executive membership fees are double the basic membership's price but members earn a 2% reward on eligible purchases. The $130 annual fee is up from $120. The special hours come after the wholesale club's membership card sharing crackdown went national with scanners at club entrances. The scanners can identify which membership level a member has.
Yahoo
07-06-2025
- Business
- Yahoo
Costco (COST) Hits $1,000-Plus; Investors Renew Stock Split Talk
Costco Wholesale (COST, Financials) is back in the spotlight after its stock climbed above $1,000, sparking fresh debate over whether the warehouse retail giant might finally split its shares. The company hasn't done so since a two-for-one split in 2000. Warning! GuruFocus has detected 7 Warning Sign with COST. The stock has gained roughly 25% over the past 12 months and closed Friday near $1,040, joining a short list of S&P 500 companies with four-digit share prices. Oppenheimer analysts reiterated their bullish stance last week, raising the prospect of a potential split as a near-term catalyst. They assigned a $1,130 price target, above the Wall Street consensus. Costco's management hasn't ruled it out. CEO Ron Vachris said there was nothing to report at the company's January shareholder meeting. Chief Financial Officer Gary Millerchip said on a December earnings call that the availability of fractional shares has reduced the need for a split, but acknowledged it could make the stock feel more accessible to retail investors and employees. Despite the stock's strong performance, Costco remains one of the few companies of its size not to have split shares in over two decades, even as competitors like Walmart (WMT, Financials), and Amazon (AMZN, Financials) have done so more recently. The company did not respond to media inquiries about a potential split. See insider trades for COST. Explore Peter Lynch chart. This article first appeared on GuruFocus.
Yahoo
05-06-2025
- Business
- Yahoo
Costco (COST) Hits $1,000-Plus; Investors Renew Stock Split Talk
Costco Wholesale (COST, Financials) is back in the spotlight after its stock climbed above $1,000, sparking fresh debate over whether the warehouse retail giant might finally split its shares. The company hasn't done so since a two-for-one split in 2000. Warning! GuruFocus has detected 7 Warning Sign with COST. The stock has gained roughly 25% over the past 12 months and closed Friday near $1,040, joining a short list of S&P 500 companies with four-digit share prices. Oppenheimer analysts reiterated their bullish stance last week, raising the prospect of a potential split as a near-term catalyst. They assigned a $1,130 price target, above the Wall Street consensus. Costco's management hasn't ruled it out. CEO Ron Vachris said there was nothing to report at the company's January shareholder meeting. Chief Financial Officer Gary Millerchip said on a December earnings call that the availability of fractional shares has reduced the need for a split, but acknowledged it could make the stock feel more accessible to retail investors and employees. Despite the stock's strong performance, Costco remains one of the few companies of its size not to have split shares in over two decades, even as competitors like Walmart (WMT, Financials), and Amazon (AMZN, Financials) have done so more recently. The company did not respond to media inquiries about a potential split. See insider trades for COST. Explore Peter Lynch chart. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Daily Mail
03-06-2025
- Business
- Daily Mail
Costco makes major change to its gas stations… and shoppers love it
Costco has expanded its gas station hours and added more pumps, much to the delight of its loyal customers. The big box retailer will now keep its gas stations open from 6am until 10pm at night on weekdays, conveniently expanding the hours members can fuel up. On Saturday and Sunday, gas stations now open at 6am and close at 8:30pm and 7:30pm, respectively. The extended hours may vary for Costco members in California and Hawaii, the company said. The wholesale giant originally closed it 60 gas stations at 9pm but decided to extend its hours further for customer convenience. The change has delighted members, with one noting on X: 'Costco remodeled their gas station and I love it. 'It's so spacious and each lane has an extra pump. Been there twice now. Late evening and early afternoon. No lines!! In and out.' 'Found out that the gas station at Costco opens at 6am. It's on my way to work. No lines and top tier gas,' another member wrote. 'The fuel prices alone are worth the membership,' a third person added. 'We also extended our gas station hours during the quarter to make filling up at Costco more convenient for our members,' Costco CEO Rob Vachri told investors during the company's first quarter earnings call. 'Generally, our stations are now staying open an hour later than they did previously, with some opening earlier as well.' Costco's chief financial officer Gary Millerchip said gas stations were increasingly popular with members. 'We are seeing an improvement in overall usage of the gas station,' he said on the earnings call. 'It's early days, of course, but so far, we've been pleased by the member response.' Costco has built a reputation for consistently offering gas prices below market averages, leading to the familiar sight of vehicle queues at Costco pumps across the country. Fuel sales made up around 12 percent of the Costco's total sales last year, and its cheap gas and accessible stations are a key incentive for memberships. Unlike their rivals Costco's gas stations are for its members only While major rivals such as Sam's Club have also invested in gas stations, they are open to the public and not just to members. Costco has continued to thrive in recent months despite the economic turbulence brought about by tariffs - and for defying the White House by sticking with its DEI stance. Costco's sales were up 8 percent in the first quarter of the year. Inflation-weary and uncertain consumers are increasingly turning to cheaper bulk shopping.
Yahoo
31-05-2025
- Business
- Yahoo
Costco Stock Has a Big Price Tag. Some Investors Are Eyeing a Rare Split
Costco's shares finished the week with a price tag over $1,000 apiece, putting them in comparatively rarified company among those of S&P 500 companies. The stock's rise has offered investors a fresh opportunity to wonder whether the company might split its stock—which hasn't happened since 2000. CFO Gary Millerchip in December said that making the shares comparatively cheap is less useful to investors now than in years past because of the availability of fractional shares. Shoppers are fans of Costco's prices. Could the warehouse giant's stock get a smaller price tag, too? That's on some investors' minds lately, with shares of Costco Wholesale (COST) among the most-expensive—on a straightforward price-per-share basis—in the S&P 500: The stock, which closed Friday at around $1,040, was one of a dozen with a four-digit share price. (Topping the list, for those who track such things, was NVR (NVR), shares of which ended the week above $7,000 apiece.) Costco's shares have gotten there in part due to a rise of roughly 25% over the past 12 months, and now there's renewed chatter about whether the company might choose to split the stock. (Stock splits do nothing to the value of a company—broadly, a 10-for-1 split means that instead of one $100 share, you have 10 $10 shares—but they're sometimes taken as a bullish signal.) 'We remain upbeat on the company's ability to gain share going forward and believe shares are positioned for continued outperformance in the current backdrop. Catalysts from here, in our view, include a potential stock split,' Oppenheimer analysts—who have a bullish rating on the shares, along with a $1,130 price target that is above the Wall Street average as tracked by Visible Alpha—wrote late Thursday after Costco reported quarterly financial results. Talk of a Costco split bubbles up from time to time partly because the company rarely does them; it hasn't happened since a two-for-one split in early 2000. Management was asked about splits at the company's January shareholder meeting, with CEO Ron Vachris saying there was 'nothing to report.' The company didn't respond to Investopedia's request for comment in time for publication. CFO Gary Millerchip on a December conference call said that making the shares comparatively cheap is less useful to investors now than in years past because of the availability of fractional shares. 'But we do also recognize that there's a benefit of the stock feeling more affordable for our retail investors and employees who are very important constituents for us," he said. "So we'll continue to evaluate over time.'Read the original article on Investopedia
