Costco bargain hunters are going to have to pay an additional $5 to $10 annually as the popular warehouse chain prepares to raise its membership fees for the first time in seven years. The Issaquah, Washington, company disclosed the forthcoming 8% increase in the fee to gain entry into its more than 700 warehouses in the U.S.
FILE - People enter Costco Warehouse in Cranberry Township, Pa., Friday, March 29, 2024. Costco bargain hunters are going to have to pay an additional $5 to $10 annually as the popular warehouse chain prepares to raise its membership fees for the first time in seven years. ISSAQUAH, Wash. — Costco bargain hunters are going to have to pay an additional $5 to $10 annually as the popular warehouse chain prepares to raise its membership fees for the first time in seven years.
The Issaquah, Washington, company disclosed the forthcoming 8% increase in the fee to gain entry into its more than 700 warehouses in the U.S. and Canada as part of a monthly sales report Wednesday. The new fees, set to take effect Sept. 1, will boost the price of Costco’s basic Gold Star membership from $60 to $65 annually, while the cost for the premium Executive membership will rise from $120 to $130. The annual fee had remainedWith inflationary pressures squeezing household budgets, Costco’s commitment to offering low prices on a wide range of food and other merchandise has helped make its warehouse an even more popular shopping destination.
Costco’s shares rose by more than 2% after news of the fee increase and its latest sales gains came out. If the stock behaves similarly in Thursday’s regular trading session, the shares will hit a new peak. Besides the fee increase, Costco disclosed its sales for the five-week period ending July 7 rose by 7% from the same time last year to $24.48 billion.
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