Costco raises membership fee for first time in 7 years

State of play: The company said Wednesday that it will increase the rates by $5 beginning Sept. 1 in the U.S. and Canada.

• All individuals and businesses will pay an annual fee of $65.
• The increases affect about 52 million memberships.

The impact: Costco's stock rose 2.6% in after-hours trading.

Context: The move comes as the company is also cracking down on membership sharing, Axios' Kelly Tyko reported.

• Earlier this year, Costco began testing scanners at several locations to ensure members are matched to their cards.
• And last year, the company started asking shoppers to see membership cards at self-service checkout registers at clubs nationwide.

Our thought bubble via Axios' Hope King: Costco's had major leadership changes recently.

• Its last CFO had been asked for the past few years about the company taking longer to increase prices but Costco says it has been hesitant because the business had been doing so well.