Sam membership fees going up?

Walmart said it has no plans for China.

　　The Sam's Club, a division of Walmart, the world's largest retailer, said recently that the annual membership fee for Sam's Club will increase from $45 to $50, and the annual premium (premium) membership will increase from $100 to $110, including some. Additional allowances, adjustments will take effect on October 17.

　　On September 2, regarding the news that the annual membership fee of Sam's Club has increased by more than 10%, the relevant person in charge of Walmart in China told The Paper that Sam's Club in China has no plan to increase the membership fee.

　　According to the APP of Sam's Club, the annual fee for Sam's personal membership card in China is 260 yuan per year, and the annual fee for excellent membership card is 680 yuan per year.

　　Sam's Club is a high-end membership store owned by Walmart for more than 30 years.

In the early 1990s, Sam began to enter the international market and has grown to have more than 800 stores around the world.

In China, the first Sam's Club store opened in Shenzhen on August 12, 1996.

Currently, Sam has opened 37 stores in China.

　　According to CNBC, the adjustment marks the first time in nine years that Sam has raised the general membership fee.

The annual fee for Premier members has not increased since its launch in 1999.

　　According to Reuters, Walmart is looking to boost profit margins.

U.S. retailers have been looking for ways to boost profits as demand for high-margin non-essentials slumps as consumers rein in spending amid inflation.

　　According to Walmart's (NYSE: WMT) second-quarter results for fiscal 2023 announced in mid-August, Walmart's second-quarter revenue was $152.859 billion, higher than market expectations and an increase of 8.4% year-on-year.

Net profit attributable to listed companies was US$5.149 billion, a year-on-year increase of 20.4%.

Total revenue for the first half of fiscal 2023 was $294.428 billion, a year-over-year increase of 5.4%.

Net profit attributable to listed companies was US$7.203 billion, a year-on-year increase of 2.8%.

　　Among them, the sales of Sam's Club in the second fiscal quarter were US$21.901 billion, a year-on-year increase of 17.5%, and the number of members reached a record high.

In addition, e-commerce sales rose 12% in the fiscal second quarter, up from 1% in the first quarter.