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Cake day: July 25th, 2023

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  • From the article:

    In May, on Costco’s earnings call, Chief Financial Officer Gary Millerchip told investors that about a third of Costco’s sales in the U.S. are imported products. Millerchip said items imported from China represented about 8% of total U.S. sales.

    Millerchip said that while Costco was seeing a direct impact from tariffs on imports of some fresh food items from Central and South America, it decided not to increase prices “because they are key staple items” for its customers.

    Some of those fresh food items included pineapples and bananas. “We essentially held the price on those to make sure that we’re protecting the member,” he said.

    In September, Millerchip told analysts: “We continue to work closely with our suppliers to find ways to mitigate the impact of tariffs, including moving the country of production where it makes sense and consolidating our buying efforts globally to lower the cost of goods across all our markets.”