Members of the Teamsters union have authorized a strike against Costco on February 1 unless they reach a deal with the warehouse retailer before the current contract expires 31.

Thousand of Costco Teamsters across the U.S. are preparing to strike by the end of the month if the company does not present a "fair contract offer," the union says.

Workers at America's largest wholesale retailer may soon go on strike as the corporation has seen profits skyrocket in recent years, union officials said. Costco workers nationwide voted by an overwhelming 85-percent margin to authorize a strike,