Costco US to raise membership fees as profit falls
Costco US will raise its membership fees for the first time since 2011.
The move was announced at the same time as its quarterly results which showed total revenue up to US$29.77 billion, but net profit down 5.7 per cent to $515 million.
Costco Wholesale Corp said its profit took a hit from higher costs.
From June 1, Costco will increase the annual corporate membership fee by $5 to $60 and the executive membership fee will double from $10 to $20.
Same-store sales, excluding petrol and on a constant-currency basis, rose 3 per cent year-on-year.