Arizona Iced Tea founder explains why it still costs less than $1 a can, in a move straight out of Costco's playbook [Fortune]
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Costco Wholesale Corporation (COST)
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Source: Fortune
For him, that's exactly the point. Even though Arizona's own costs of production have gone up with inflation, Vultaggio said the company is in a strong enough position that it doesn't need to raise the price of its signature beverage—just yet. In exchange, they hope to gain goodwill and positive attention from potential customers. “We're successful, we're debt-free, we own everything,” he told Today in an interview. “Why? Why have people who are having a hard time paying their rent have to pay more for our drink?” The move to keep a can of Arizona Iced Tea at 99 cents echoes Costco's four decade effort to keep its hot dog combo at $1.50 despite rising costs—and, earlier, Coca-Cola's half-century quest to keep a bottle of the drink priced at a nickel . Costco's former chief financial officer told Fortune last month that keeping its hot dog stable was essential to its success. And in one of his first public statements, the company's new CFO, Gary Millerchip, said the $1.50 hot do
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