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Costco to raise membership fees this spring

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Consumers who shop at Costco often get a good bang for their buck. But to continue taking advantage of those sweet deals, Costco members will soon have to pay more.

After further reviewing the company’s earnings and revenue, the club retailer decided to increase their annual membership fees by $5, according to a news release.

As of June 1, U.S. and Canada Goldstar members and business cardholders will have to pay an annual fee of $60. In addition, executive members will see their fees increase by $10, to $120.

Costco last raised its membership in 2011, and commonly does so every five to six years, according to CNBC.

CNBC also reports the membership change will affect 35 million members, and about half belong to its executive program.

The club retailer informed Wall Street of the membership increase fee when submitting its fiscal second-quarter results. Costco’s earnings and revenue fell short, nearly 5 percent lower after the market closed, CNBC reports.

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This report contains information from CNBC.

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