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Title: Costco's Profit Soars To $537 Million Just Days After CEO Endorses Minimum Wage Increase
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URL Source: http://www.huffingtonpost.com/2013/ ... 2/costco-profit_n_2859250.html
Published: Mar 12, 2013
Author: http://www.huffingtonpost.com/2013/03/12
Post Date: 2013-03-12 21:10:14 by tom007
Keywords: None
Views: 428
Comments: 8
Costco's Profit Soars To $537 Million Just Days After CEO Endorses Minimum Wage Increase Posted: 03/12/2013 9:16 am EDT Share on Google+ Costco Profit Get Business Alerts: Sign Up Follow: Video, Business News, Costco Profit, Costco Ceo, Costco Earnings, Costco-Ceo-Minimum-Wage, Costco-Ceo-Minimum-Wage-Increase, Costco-Minimum-Wage, Business News Less than a week after Costco CEO Craig Jelinek spoke out in favor of raising the minimum wage, the big-box retailer’s earnings showed that paying workers a living wage doesn’t always hurt business. Costco reported a profit of $537 million last quarter, up from $394 million during the same period last year, according to the Wall Street Journal. The healthy earnings report comes just six days after Jelinik urged lawmakers to raise the minimum wage to $10.10 an hour. “At Costco, we know that paying employees good wages makes good sense for business,” Jelinik said in a statement last week. “Instead of minimizing wages, we know it's a lot more profitable in the long term to minimize employee turnover and maximize employee productivity, commitment and loyalty. We support efforts to increase the federal minimum wage.” Costco is known for paying its workers wages that are generally above average for the retail industry. An average Costco worker made about $45,000 in 2011, according to Fortune. That’s compared to an average of about $17,486 per year for a worker at comparable Walmart-owned Sam’s Club. And apparently the extra pay pays off. Costco makes more than $10,000 in profits per employee, while Walmart takes home about $7,400 per worker, according to the Daily Beast (Walmart and Costco aren’t exactly the same type of business, however). In addition to offering its workers high pay and the opportunity to unionize, Costco also provides a benefit many of its competitors don’t: health insurance for part- and full-time employees. Some analysts have complained in the past that Costco’s worker-friendly policies aren’t so friendly to shareholders. If Tuesday’s results are any indication, those concerns may be exaggerated.
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#1. To: All (#0)
What a pack of lying commies N Korean pinkos.
Even Obama only wants to raise it to 9 bucks an hour, 10.10 and hour is a little high, but hey Australia minimum wage is over 15 US bucks an hour, and their economy is doing fine. I am not advocating a minimum wage, just stating a fact. I don't think there should be a minimum wage, but I also don't think companies should receive the benefits of conducting business in this nation and then not hire qualified Americans for positions they have open because they want to hire a foreigner for less money.
God is always good!
The headline and the earnings report have zero correlation. Get a grip. Costco is just a great company. “The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken Really? I thought they were owned by the Chinese government? God is always good!
You are confusing Costco with Cosco (which is indeed Chinese, a Chinese shipping company).
Paul Craig Roberts
Oh OK, guess I was wrong. So I avoided them all these years for nothing then. LOL! God is always good!
There could well be other reasons to avoid them (I don't know) but I think you can rest easy about it not being a Chinese outfit. Paul Craig Roberts
Look up In and Out Burger. They pay their employees a lot and get loyal, enthusiastic workers. "Have Brain, Will Travel
"Satan / Cheney in "08" 
#2. To: tom007 (#0)
#3. To: tom007 (#0)
#4. To: Lod (#3)
Costco is just a great company.
#5. To: RickyJ (#4)
Americans who have no experience with, or knowledge of, tyranny believe that only terrorists will experience the unchecked power of the state. They will believe this until it happens to them, or their children, or their friends.
#6. To: James Deffenbach (#5)
You are confusing Costco with Cosco (which is indeed Chinese, a Chinese shipping company).
#7. To: RickyJ (#6)
Oh OK, guess I was wrong. So I avoided them all these years for nothing then. LOL!
Americans who have no experience with, or knowledge of, tyranny believe that only terrorists will experience the unchecked power of the state. They will believe this until it happens to them, or their children, or their friends.
#8. To: Lod (#3)
Costco is just a great company.
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