Costco increases membership dues

ISSAQUAH, Wash. — Costco announced Thursday it will increase its membership fee by $5 to $60 annually for its U.S. and Canada Goldstar individual, business and business add-on members. This change will take effect June 1.

Also effective June 1, annual fees for Executive memberships in the U.S. and Canada will increase by $10 to $120. Both moves will impact a total of about 35 million members, stated Costco.

However, the maximum annual 2% reward associated with the executive membership will increase from $750 to $1,000.

Costco made these announcements as part of its earnings results for its 2017 fiscal second quarter. Net sales for the quarter ended Feb. 12 increased 6% to $29.13 billion. In its U.S. division, comparable store sales rose by 3% year over year.

Net income came in at $1.17 per share in its fiscal second quarter, versus $1.24 per share during the same period in 2016.

Costco also announced its four-week results for the month of February ended Feb. 26, in which comp store sales increased in its U.S. division by 5%.

Costco operates 728 warehouses, including 508 in the United States and Puerto Rico.