Investing.com -- Sam's Club announced on Wednesday that it will increase its annual membership fees by $10, effective May 1. The warehouse club, owned by Walmart, will charge $60 per year for basic membership and $120 for its higher-tier option.

The company currently charges $50 for club members and $110 for Plus members. Sam's Club last raised its annual fees in October 2022.

In a statement, Sam's Club said it has adjusted its membership pricing to support perks including its assortment, expanded hours, and improved curbside pickup and delivery options.

The new fees will remain below those of rival Costco, which charges $65 per year for basic membership and $130 per year for its higher-tier option. Costco raised its fees in 2024. The increase brings Sam's Club in line with BJ's Wholesale Club, which charges $60 per year for basic membership and $120 per year for its higher-tier membership.

Net sales for Sam's Club in the U.S. grew by about 3.1% to $93 billion last fiscal year. In the holiday quarter, the warehouse club's e-commerce sales increased by 23% year over year. Store and website visits also increased, with transactions rising 5.3% year over year in the same quarter.

Sam's Club does not disclose its membership count, but said it reached a record high in the three-month quarter that ended Jan. 31.