Costco President and CEO Craig Jelinek said Costco, which has “supply issues” with the popular Kirkland Signature golf balls that have flown off shelves, hopes to get them back on shelves at some point.
“The golf ball was a real coup for us,” Jelinek said Thursday at the company’s annual shareholders meeting. “We hope at some point we’ll get through the issues we have with the manufacturer and get it back in stock at some point. I’m not sure when it’s going to happen. Our goal is to work diligently to get it back in stock.”
Among the interesting tidbits from the meeting, Jelinek said that 40 percent of new signups are of millennials. But “there’s only one problem with millennials and that’s that they don’t spend much money,” he said.
In response to a question from a shareholder about how the company is going to advise members if prices go up in reaction to tariffs suggested by the Trump administration, Jelinek said: “We’ll just have to wait and see how it goes and if we want to educate our customers and if we want to lobby. I don’t know that we have enough information on this to give sound direction” at this time.
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It’s also a tradition at Costco’s annual meetings to share some numbers that illustrate just how big the world’s second-largest retailer is.
This year was not different. Among the stats revealed:
At the meeting, the company announced that shareholders had voted to approve the nominees to the board. Shareholders also approved, on an advisory basis, the compensation for top executives and continuing to hold advisory votes on compensation every year.
Among the top-earning executives in 2016, Jelinek received a total compensation package of $6.5 million, according to the company’s proxy statement. Board Chairman Jeffrey Brotman received $6.48 million.