FX.co ★ Costco June Comps Up 5.3%; To Increase Annual Membership Fees

Costco Wholesale Corp. (COST) has announced a 5.3% increase in total comparable sales for the retail month of June, which concluded on July 7, 2024. Specifically, U.S. comparable sales rose by 5.6%, and Canada saw a 5.2% increase. Net sales for June were $24.48 billion, marking a 7.4% rise from last year’s $22.78 billion.

Starting September 1, 2024, annual membership fees for U.S. and Canada Gold Star (individual), Business, and Business add-on members will be raised by $5, bringing the total annual fee to $65 for these members. Additionally, Executive Memberships in the U.S. and Canada will see an increase from $120 to $130, with the primary membership fee at $65 and the Executive upgrade at $65. Moreover, the annual maximum 2% Reward for Executive Memberships will increase from $1,000 to $1,250. This adjustment in membership fees will impact approximately 52 million memberships, with a little over half being Executive memberships.

In further news, Costco has declared a quarterly cash dividend of $1.16 per share on its common stock, payable on August 9, 2024, to shareholders on record as of the close of business on July 26, 2024.