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WASHINGTON, DC — Costco Wholesale Corporation posted $1.68 billion in Q3 2024 earnings today, a 29% increase year over year. Despite former CFO Richard Galanti admitting recently that inflation has faded considerably, the company raised prices and consider hiking its membership fees in the beginning half of 2024. In the previous quarter, Costco reported an almost 19% increase in net income YoY, from $1.4 billion to more than $1.7 billion, as it spent $8 billion on cash dividends and $322 million on stock buybacks during the first half of its FY 2024.

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Costco’s massive uptick in earnings answers the question of whether they really needed to raise prices despite easing inflation. In a word: no. Over and over, we see big wholesalers and grocers unnecessarily squeeze American families, chasing record profits rather than stabilizing prices. It’s time these companies answer President Biden’s call to get their greed in check and bring prices down.”

Accountable.US Liz Zelnick

Last week, Accountable.US released new analysis showing massive earnings from the country’s largest grocery chains and major food manufacturers, totals earned amid price hikes and rampant greedflation. Per the report, top grocery store chains like Kroger, Walmart, Target, and Costco Wholesale have reported consistently high profits and net incomes year over year. 

Fast food companies have also reported price hikes, with top offenders such as McDonalds, Popeyes, and Taco Bell increasing prices by 100%, 86%, and 81% respectively over the last ten years.

KEY FACTS FROM ACCOUNTABLE.US

  • As previously reported by Accountable.US, Kroger reported $736 million in Q4 2023 profits, as the Federal Trade Commission (FTC) filed a lawsuit blocking a proposed merger with competitor Albertsons.  
  • During its Q1 FY 2025, ending April 30, 2024, Walmart saw its “consolidated net income” climb to over $5.1 billion, a 205.1% increase YoY, as the grocery giant spent $1.6 billion on cash dividends and $1.1 billion on stock buybacks. 
  • In Q4 2023, Target saw its net earnings top $1.3 billion, a 57.8% increase YoY, as it spent $508 million on cash dividends.

 

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