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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s