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Costco membership fees are going up; here’s how much you’ll pay

Costco plans to raise membership fees in June

U.S. and Canadian residents are in for a surprise when renewing their Costco Wholesale Corp. membership or joining the warehouse club retailer after June.

Costco COST-0.05% said late Thursday it will raise basic membership fees by $5 effective June 1. That means its “goldstar” (individual) membership, its business and business add-on members will pay an annual fee of $60, Costco said.

Costco’s “executive” memberships, which cost more but offer 2% rewards on Costco purchases and other perks, will increase to $120 from $110. Costco rose the maximum annual 2% reward to $1,000 from $750.

The company last increased membership fees in 2011, and as of November had nearly 90 million card-carrying members.

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Costco historically has increased its membership fees every five to six years, analysts at UBS said in a note earlier this week. Many on Wall Street were doubting the fee increase this year, given Costco’s “complex” credit-card switch to Visa from American Express, but the increase was likely coming, the UBS analysts said.

The company on Thursday reported a fiscal second quarter that missed per-share earnings and sales expectations. In addition, comparable-store sales growth came in below expectations.

Membership fees rose to $636 million in the fiscal second quarter, from $603 million in the year-ago period.

Costco operates 728 warehouses, including 508 in the U.S. and 94 in Canada.

Shares have gained more than 16% in the past 12 months, underperforming the S&P 500 index SPX-0.46% which rose nearly 20% in the same period.

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