Costco could be increasing its annual membership fees for the first time since 2017, according to reports.
Galanti pointed out that increases typically happen every five and a half years, with the last one taking place in June 2017.
"I think the question will continue to be asked until we do or don't do something, but at the end of the day, we certainly feel very good about our member loyalty," Galanti said.
Costco currently offers two membership options: Gold Star and Executive.
Gold Star memberships give customers two membership cards and costs $60 per year. The Executive membership also offers a 2% annual reward and various discounts along with the two membership cards. It costs $120 per year.
According to Yahoo News, 2017’s price increase saw Gold Star memberships increase by $5 per year and Executive memberships increase by $10 per year.
Talks of the possible increase come as Costo released its operating results for the second quarter on Thursday. Net sales reportedly increased by 16.4% during the first 24 weeks of the year, reaching $100.35 billion compared to $86.23 billion last year.