Executive Vice President, Chief Financial Officer & Director, Costco
Search every verified Richard Galanti interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Richard Galanti, the longtime executive vice president, chief financial officer, and director of Costco, has discussed the company's performance and strategy in several interviews. He noted that during the COVID-19 pandemic, Costco benefited operationally as consumers shifted spending from travel and entertainment to home goods, furniture, and electronics. Galanti described Costco as "the extreme value proposition," stating that the company marks up goods across categories by an average of 12 to 13 percent, compared to higher markups at supermarkets, home improvement centers, and apparel stores. He reported that for the fiscal year ending in August 2022, Costco had over $223 billion in sales, with about a quarter coming from its Kirkland Signature brand, which he said must be at least as good as leading national brands and sold at least 20 percent lower. Galanti stated that the company has a strong net cash position, owns 82 percent of its fixed assets, and buys back stock daily, increasing purchases when the price dropsikuha. Galanti also addressed Costco's approach to growth and operations. He said the company opens about 25 new warehouses annually, with roughly two-thirds in the U.S., and sees continued opportunities for domestic expansion. Regarding membership fees, he stated it is a question of "when, not if" they will be raised, but the company does not need to act immediately given economic conditions. Galanti noted that Costco does not recruit MBAs from college campuses and promotes from within, with warehouse managers typically having 16 years of tenure before promotion. He mentioned that the company hired three VP-level IT employees for the first time in 35 years in early 2020, reflecting the growing importance of technology. When asked about his retirement, Galanti said he has been saying "two years" for several years, adding that he enjoys his work and may eventually teach.
“We buy stock as a company back — we buy every day. We buy a little more if it goes down and a little less if it goes up; when something like that happened we greatly increased it. You have to look yourself in the mirror and ask how you feel about the company over the next five and 10 years.”
“We don't hire MBAs — we don't recruit on college campuses at business schools; everybody's grown up from within so we're a really unique specimen in that regard. By the way it's worked wonderfully.”
“We have maybe six billion of debt with an average cost sub 2% and 13 billion of cash, so we are in a very strong net cash position. Unlike a lot of companies we own 82% of all of our fixed assets.”
“When Amazon was buying Whole Foods our stock dropped the same day — it went from about 185 to 150 — but the reality is the stock will fluctuate and you have to feel good about your competitive position over the next five and 10 years.”
Richard Galanti is the Chief Financial Officer, Executive Vice President and Director of Costco. He joined Costco Wholesale ...
shorts Costco CFO Richard Galanti discusses the company's success with Yahoo Finance Editor-at-Large Brian Sozzi on ...
#Costco #yahoofinance Costco CFO Richard Galanti sits down with Yahoo Finance’s Brian Sozzi to discuss the secret to the company's success, its plans for expansion, and whether or not it plans to raise its membership fees any time soon. Don't Miss: Valley of Hype: The culture that built Elizabeth Holmes WATCH HERE: • Elizabeth Holmes: 'Valley of Hype' [p... Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates…
Richard Galanti is the Chief Financial Officer, Executive Vice President and Director of Costco. He joined Costco Wholesale ...
A conversation with the Executive Vice President & Chief Financial Officer of the Costco Wholesale Corporation, Richard Galanti.
CFO Costco Wholesale speaking to business leaders 12/1/2016 at the Mercer Island Community Center.
Today's guest speaker is Richard Galanti, Executive VP and CFO of Costco For more information, visit: seattlerotary.org.
Expect accounting firms to "walk away from clients, even well-respected clients, when they have a different opinion" about accounting practices,
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