Costco raising membership fees

FILE - This Wednesday, Aug. 17, 2016, file photo, shows a Costco store in North Miami Beach, Fla. Costco Wholesale Corporation reports financial results on Wednesday, Dec. 7, 2016. (AP Photo/Wilfredo Lee, File)

KNOXVILLE, Tenn. – (KRON)- It’s going to cost you a little more to save money by shopping at Costco.

The warehouse retail giant is raising its annual membership fees for the first time in six years.

The cost of a basic “gold star” membership is going up five bucks to 60 dollars a year.

The executive membership, which offers extra discounts and rewards on purchases,  jumps 10 bucks to 120 dollars a year.

The increases go into effect June first.

The move comes as Costco’s latest earnings report reveals sales and profits were lower than expected.

The company admits it’s dealing with tough competition from rivals Sam’s Club and Target.

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