Costco to hike membership fees
Costco Wholesale Corp.’s second quarter profit took a hit amid higher costs. And for the first time since 2011, the retailer is raising the cost of entry into its stores.
As of June 1, Costco’s annual fee for individual and business members will increase by $5.00, to $60. The executive membership fee will go up $10, to $120.
Costco’s net income for the quarter, ended Feb. 12, fell 5.7% to $515 million, or $1.17 per share, below Wall Street expectations.
Total revenue increased to $29.77 billion, up from $28.1 billion in the year-ago period, which was just short of Street forecasts.
Same-store sales, excluding gas and currency changes, rose 3%.
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