Costco
- A Costco shopper spent $400,000 on one of its diamond rings.
- 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.
- Visit Business Insider’s homepage for more stories.
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.
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.
There are currently 458 diamond rings listed on its site, costing between $99.99 for a 14kt gold diamond cut ring and up to $419,999.99 for a 10-carat diamond platinum solitaire ring – this could have been the pricey piece of jewellery that was purchased.
While Costco is best known for selling groceries and household products in bulk at bargain prices, its loyal members also use their memberships to book vacations, buy gas or even purchase cars.
Read more: 9 times when Costco is better than Amazon
It is known as one of the few retailers to successfully stave off the threat of Amazon; it recently beat out Amazon in a survey about customer satisfaction released by the American Consumer Satisfaction Index
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.
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Source: Business Insider – feedback@businessinsider.com (Mary Hanbury)