Costco shoppers to pay an extra $5 or $10 fee for membership starting in June

Costco will charge shoppers in Canada and the U.S. an extra $5 or $10 for an annual membership after the big box retailer posted financial results that disappointed Wall Street.

The chain, which has 94 locations across Canada, announced late Thursday that starting in June 1, a regular “gold star” membership will now cost an extra $5 in the local currency to $60 in the U.S. and Canada. An executive membership, which comes with discounts and benefits, will be bumped up $10 to $120 a year.

The chain last hiked its membership fees in 2011.

Costco had almost 87 million members at the end of its last fiscal year. They collectively paid more than $2.6 billion US for the right to shop at the stores — more than the company made in profits last year.

More to come