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The founder of AriZona Iced Tea recently explained why the company has stuck with the 99-cent price for its drinks for so long.
WASHINGTON — The founder of AriZona Iced Tea has a message for customers: The brand's 23-ounce cans won't cost more than 99 cents anytime soon.
Founder Don Vultaggio explained in a recent interview with "Today" why the company has consistently stuck with the 99-cent price for more than three decades.
"We're successful, we're debt free, we own everything," Vultaggio said. "Why have people who are having a hard time paying their rent pay more for our drink? Maybe it's my little way to give back."
When asked whether the cost of AriZona Iced Tea could ever go up, Vultaggio said "Not in the foreseeable future."
AriZona Iced Tea famously stamps the suggested 99-cent price onto its cans. Every now and then the company has had to refute viral claims of price hikes when photos of cans printed with a $1.29 price pop up online. Those beverages are in Canadian dollars, which is equivalent to 99 cents in U.S. currency.
"We pre-printed our cans with our suggested retail because we wanted to force retailers into selling at that price. Retailers, however, are independent business people and can set a price whatever they prefer. We do make and sell non-priced cans as well," the website states.
AriZona isn't the only major company committing to a lower price point on a well-known product.
Costco hot dog price
During a recent earnings call, Costco's new Chief Financial Officer Gary Millerchip vowed not to hike the price of its $1.50 hot dog combo.
“To clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe,” Millerchip shared at the start of the call.
Verify's Megan Loe contributed to this report.
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