Costco says it will return U.S. tariff refunds to members 'in some form'

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsRetail & MarketingCostco says it will return U.S. tariff refunds to members 'in some form'Costco is among thousands of companies suing the U.S. federal government for a return of tariffs You can save this article by registering for free here. Or sign-in if you have an account.Costco signage in Mississauga on July 10, 2025. Photo by Peter J. Thompson/National PostCostco Wholesale Corp. says it will return tariff refunds to its members if and when they are paid back by the United States government.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorCostco is among thousands of companies suing the U.S. federal government for a return of tariffs the government collected after the U.S. Supreme Court struck them down in February.Costco is also facing a class-action lawsuit in the U.S., arguing that any refunds it receives from the government should be paid to its members.Costco chief executive Ron Vachris said Thursday the retailer intends to pass down the money to members, though they have not received the federal refunds to date.Breaking business news, incisive views, must-reads and market signals. 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Please try again“Our plan is to return to our members in some form the portion of tariffs that were passed on to them,” he said on an earnings call on Thursday.Vachris said the company has begun submitting tariff refund forms and expects payments on a rolling basis within the next few months.“What we return and when depends on a variety of factors, including how much refund money we receive and when it arrives, as well as developments in the lawsuit filed against the company regarding the return process,” he added.Overall, Costco beat expectations for the three months ending on May 10, with net sales of US$69.15 billion, up more than 11 per cent from a year ago.The retailer’s gas division was a particular bright spot. It saw “record-breaking volumes” as customers turned to Costco for discounted gas as prices have skyrocketed because of the war in Iran.“We believe this will drive even greater loyalty with these members in the future, as members who use our gas stations typically spend more with us in the warehouse,” Vachris said.The popularity of weight loss drugs like Ozempic have benefited Costco’s pharmacy division, where customers can typically receive a discount on expensive drugs.“The value that we’re offering in our pharmacy is really helping members take advantage of those drugs in a very cost effective way,” said Costco chief financial officer Gary Millerchip.These drugs have also spurred more high-protein focused diets, and Costco has taken notice.“Anything protein right now is doing extremely well. Protein bars, protein snacks, beef sticks,” Millerchip said.“That’s an example of an area where we’re really leaning into those items because of what we’re seeing from our members in the value and quality they’re looking for.” Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.