Belonging to the “Cult of Costco” just got more expensive. For the first time in seven years, the retail behemoth is raising membership fees to enter its famously gigantic stores by $5 to $10, the company announced Wednesday. Monthly sales were also up from last year—another promising sign that Costco would continue to deliver for shareholders, who have enjoyed gains that have outpaced the S&P 500 this year.
While Costco shares jumped nearly 3% in premarket trading following the announcement, the price soon tumbled to $846.59 on Thursday, more than a 4% drop from its open at $890.76. Overall, however, the stock's price has climbed over 29% in the first half of 2024, with shares up over 60% from a year ago.
