The fiscal fourth quarter results that beat expectations did not lead to a membership fee increase.
Sam's Club raised its fee in August, but the retailer hasn't said when it will do it again. The company hasn't yet reached its typical milestone for a hike according to the CFO.
During an earnings call with investors, Galanti said, "If you look at June of '17, plus five years and seven months, you're talking roughly January '23!" I don't think it's January 23. It's not there yet, I'm just saying that.
The number of members increased and the proportion of executives increased as well.
Revenue for the quarter was slightly above analysts' expectations. The earnings per share increased from a year ago.
Inflation drove up costs and caused gross margins to decline.
The company's shares were down 2%.
The price of a hot dog combo meal at the store has not changed despite inflation. Galanti said that the company is seeing a strong consumer for its private brand products.
The people are not trading down. Galanti said in the earnings call that they were trading up or down.
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