Costco ‘Recession Signal’ Goes Viral as Old CFO Remarks Resurface On Record Beef Prices
Tech Costco ‘Recession Signal’ Goes Viral as Old CFO Remarks Resurface On Record Beef Prices Reports claiming Costco issued a fresh recession warning have racked up a lot of chatter this weekend, but the quoted comments from former CFO Richard Galanti actually date back to a 2023 earnings call. Galanti made the comments during Costcos May 2023 third-quarter earnings call. He flagged a shift away from beef toward cheaper proteins, such as canned chicken and tuna. He tied the pattern to past slowdowns in 1999, 2000, and 2008 through 2010. Where the Costco Quotes Actually Came From Galanti stepped down as CFO in March 2024 after roughly four decades at the company. Gary Millerchip has held the role since then, and his recent earnings calls have not flagged a similar warning. Costco management has described member spending as relatively consistent through the Q1 and Q2 fiscal 2026 calls. Higher-priced meat cuts have outpaced cheaper proteins in growth, which contradicts the trade-down framing spreading on social media. Costco just flagged a major shift in shopper behavior: The worlds largest warehouse club is seeing customers buy less beef and premium items, while loading up on more chicken, canned tuna, canned chicken, and cheaper Kirkland Signature store brands. Costcos leadership says… pic.twitter.com/CFKVK7T3jS — World