WMT Walmart Inc

By Denny Jacob

Walmart Inc. said Wednesday its Sam's Club chain will raise memberships prices in the fall.

The retailer said annual membership fees of its basic offering will increase to $50 from $45 while its premium offering will rise to $110 from $100 starting Oct. 17. The price hike is the first in nine years for the basic membership and the first for the premium offering since it debuted in 1999.

"We are mindful of the financial pressures on wallets right now," said Sam's Club Chief Executive Kathryn McLay.

CNBC first reported on the price increase.

The slated price change comes as Walmart in July said it was having to cut prices to reduce merchandise levels at its flagship chain and Sam's Club locations.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 31, 2022 14:14 ET (18:14 GMT)

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