Costco to increase membership fee this September

Costco is increasing its annual membership fees in Canada and the U.S. this fall.

The wholesaler made the announcement as it reported its June results: Net sales of $24.48 billion, up from 7.4% last year.

Comparable sales for Canada increased 5.2%, and total company sales were up 5.3%. E-commerce sales increased 18.4%.

Effective Sept. 1, Canadians holding an individual, business or business add-on membership will see their annual membership fees go up by $5 to $65.

Those with executive memberships will have to adjust to a$10 increase to $130. The maximum annual 2% reward associated with the executive membership will increase from $1,000 to $1,250.

U.S. Costco members will receive the same increases. 

The wholesale retailer says the fee increases will affect around 52 million memberships, a little over half of which are executive memberships.