Costco announced that it will increase annual membership fees by $5 for many of its members, effective Nov. 1.
U.S. Goldstar, Business, Business add-on, and Canada Business members will now pay an annual fee of $55.
Also effective at that time, U.S. and Canada Executive Membership annual fees will increase from $100 to $110, and the maximum 2 percent reward associated with executive membership will increase from $500 to $750. The fee increases will impact some 22 million members.
The company also announced that net sales for the 2011 fiscal year totaled $87.05 billion, an increase of 14 percent. Comparable store sales in the United States were up 7 percent, while international comparable store sales increased 16 percent.
More highlights from Costco’s financial statement:
- 4Q net sales: $27.59 billion, up 17 percent
- 4Q U.S. comparable store sales: up 10 percent
- 4Q international comparable store sales: up 19 percent
- 4Q net income: $478 million, compared to $432 million in 2010
- FY 2011 net income: $1.46 billion, compared to $1.3 billion last year