BJ’s Wholesale Club Holdings Inc. announced an increase in its membership fees Thursday, marking the first hike in seven years. The company’s stock surged in premarket trading and is up 0.4% at 9:36 a.m. Eastern time.

Effective Jan. 1, 2025, BJ’s

BJ Club membership fee will increase by $5, going up to $60 a year, and its Club+ membership fee will increase by $10, to $120 a year, the company said when announcing third-quarter earnings results. Earlier this year, rival Costco Wholesale Corp. COST hiked its membership fees for the first time since 2017.