In a call with investors this week, Costco's Chief Financial Officer Richard Galanti said, "It's a question of when, not if" the company will raise its annual membership.
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Costco's current basic Gold Star membership costs $60 per year. Its most expensive executive membership costs $120 per year.
A membership increase would be the first since 2017, and it would impact nearly 130 million shoppers at Costco's 591 stores across the country.
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Earlier this week, Costco announced it is now offering members online health checkups for as low as $29.
The retailer is offering the new service in partnership with Sesame, a direct-to-consumer health care marketplace that connects medical providers nationwide with consumers.
The CNNWire contributed to this report.