Costco has been hinting at a membership fee increase for almost a year, but customers will have to wait to find out when.
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In Costco's latest quarterly earnings call on Dec. 14, an investor asked CFO Richard Galanti about membership cost increases.
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Galanti has repeated that statement multiple times in the past year as investors and members speculate about the warehouse club's next fee increase.
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Historically, Costco membership fees should rise. The corporation has raised costs every five years and seven months. The most recent fee hike was in June 2017,
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when Costco raised the Gold Star Membership from $55 to $60 and the Executive Membership from $110 to $120.
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Galanti said on this week's earnings call that Costco had waited longer than typical for a charge rise but "haven't needed to do it" yet.
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He noted that cost increase delays are helping members get more "value" from their memberships.
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"We like offering great value. We feel we've added value to the membership despite taking longer than typical to raise rates."
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Since Costco had a good quarter, it makes natural that it is not rushing to raise fees. Costco exceeded quarterly sales and profit projections and saw US same-store sales rise 2.6%.
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Galanti said renewal rates, new signups, and member loyalty are "strong." Costco completed the quarter with 72 million paid household members, 7.6% higher than a year earlier.
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