Wednesday is the last day Costco members can renew their memberships to avoid a fee increase taking effect Thursday.

The price change marks the first time in more than five years Costco members could see an increase in membership fees.

The company announced earlier this year that it planned to raise its annual membership fees to $60, an increase of $5 from the current price.

The fee increase applies to Goldstar, Business and Business add-on members, the company said. Executive memberships will also increase from $110 to $120.

Costco estimates the fee increases, set to take effect June 1, will impact around 35 million members across the U.S. and Canada.

News of the membership increases came as the company announced its second-quarter earnings were $29.13 billion, up 6 percent from last year.

Published at 12:57 PM CDT on May 31, 2017 | Updated at 3:14 PM CDT on May 31, 2017

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