In an earnings call with investors on Thursday, Costco's CFO Richard Galanti called this out as being one of the biggest sales highlights in the most recent quarter. Bloomberg was first to report the news.
Costco is best known for offering discounts on items bought in bulk.
Costco saw an unusual boost to its sales in the most recent quarter after a shopper purchased one of its $400,000 diamond rings.
In an earnings call with investors on Thursday, Costco's CFO Richard Galanti called out this purchase as being one of its biggest sales highlights in the most recent quarter. Bloomberg was first to report the news.
RELATED: 7 secrets about Costco items
7 secrets about Costco items
7 secrets about Costco items
1. EMPLOYEES ENJOY PLENTY OF BENEFITS
Costco now sets its minimum wage for hourly employees at $14 an hour. That’s in addition to offering benefits like healthcare for all employees, regardless of part-time vs. full-time status.
While I was at Costco, they gave employees complimentary memberships to the store. Each employee also got a free turkey to enjoy with their families on Thanksgiving. And to top things off, Costco paid employees time and a half just for working on Sundays.
2. COSTCO IS A GREAT DESTINATION FOR HEALTH FOOD
People who haven’t shopped at warehouse clubs might expect the “buy in bulk” mentality to mean the aisles are lined with junk food. While Costco does sell things like cookies and candy bars, there are plenty of healthy options, if that’s what you’re looking for. Greek yogurt, coconut water, protein powder, and lean meats are just some of the things that line the shelves at Costco. And the produce section is filled with delicious apples, bananas, berries, salads and more.
3. IT’S NOT JUST FOR BIG FAMILIES, EITHER
When I tell friends I still shop at Costco, they don’t understand what my husband and I buy there, since we don’t have kids and live in a small New York apartment. But there are plenty of options for any family size, and it doesn’t mean you have to keep ten spare jars of tomato sauce in your pantry. Things like Kirkland Signature protein bars and olive oil are shelf stable for our small household. Cleaning supplies like kitchen sponges are sold in reasonably sized packages, too. It just depends what you’re looking for—but there’s no one demographic that’s more suited to shop there. These Costco shopping tips will save you a ton.
4. COSTCO’S PIZZA IS THE REAL DEAL
If you find yourself eating at Costco’s food court, you’ll probably be pleasantly surprised by how great the food is. The pizzas are baked fresh in store with Kirkland Signature ingredients, and they don’t skimp on cheese and other toppings. The hot dog combo—just $1.50 for a hot dog and a soda—is also superb. The food court even offers fresh diced onions, in addition to mustard and ketchup, to top your dog.
5. PEOPLE REALLY DO BUY THAT FAMOUS GIANT BEAR
The giant teddy may seem like an Internet novelty, and plenty of people (myself included) have stopped to take photos with the 8-foot-tall friend. But I saw more than one person buy the giant stuffed animal—usually grandparents purchasing it as a gift for their grandkids. (I do wonder how they stuffed it into a car/cab to get home.)
6. YOU CAN GO TO THE PHARMACY AS A NON-MEMBER
If you live near Costco and want to pick up your prescriptions there, you can do so without buying an annual membership to the club. But don’t think you can pull a fast one on the employee checking membership cards at the entrance—you can’t check out at Costco without a membership in your name.
7. COSTCO IS SELLING BLUE APRON MEAL KITS
I didn’t learn this one working at Costco—it’s a new initiative—but if you’re looking to save time on meal prep, this is worth knowing about. A handful of Costco stores on the West Coast are selling the Blue Apron kits, which make weeknight dinner prep way easier. Don’t miss the details! Plus, check out even more insider secrets Costco employees won’t tell you.
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Galanti didn't provide any detail on where or when the item was purchased or exactly which ring it was. A spokesperson for Costco did not immediately respond to Business Insider's request for comment.
This is because it managed to keep its members loyal by offering the best deals on products and keeping these consistent. It is able to do so because it can afford to have low margins on what it sells as it makes most of its profits off membership fees.
It also prides itself in offering a treasure-hunt experience, which is hard to replicate online.