It has been more than six years since the nation's third-largest retailer increased its membership fees.
Costco Chief Financial Officer Richard Galanti addressed questions Tuesday about whether now is the time for Costco to increase the cost of its membership. In June 2017, Costco increased its basic membership cost from $55 to $60, and its executive membership from $110 to $120. Galanti noted that membership price increases generally occur more frequently than every six years.
Costco's fiscal year ended in early September. From September 2022 through August 2023, the company garnered $4.58 billion from membership fees, which is up from $4.22 billion the year before. Seventy-one million households have memberships, Costco says. Of those, about 45% hold executive memberships. These members make up 73% of Costco's sales, Galanti said.
This year, Costco began policing its self-checkout lanes to catch non-members shopping in the store.
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