Costco Wholesale Corp. has been raising its membership fees for the first time since 2017, increasing the basic membership cost. Costco Wholesale Corporation (“Costco”) (Nasdaq: COST) reported net sales of $24.48 billion for June, the five weeks ending July 7, 2024, marking a 7.4 percent increase from $22.78 billion in the same period last year.
For the first 44 weeks of the fiscal year, net sales reached $210.55 billion, up 6.9 percent from $196.93 billion last year.
Costco’s Board of Directors also declared a quarterly cash dividend of $1.16 per share on Costco common stock, payable on August 9, 2024, to shareholders of record as of July 26, 2024.
Effective September 1, 2024, Costco will increase annual membership fees by $5 for U.S. and Canada Gold Star (individual), Business, and Business add-on members, bringing the annual fee to $65.
Executive Membership fees in the U.S. and Canada will rise from $120 to $130 (comprising a primary membership of $65 plus the Executive upgrade of $65), and the maximum annual 2% Reward for Executive Memberships will increase from $1,000 to $1,250.
These fee hikes will affect approximately 52 million memberships, with a little over half being Executive members.
During earnings calls, they admitted that the increase had taken longer to implement than anticipated.Costco has very strong renewal rates, new sign-ups, and customer loyalty among its loyal shoppers. The stock trades around 851.79 per share as of July 11th, 2024.
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