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Thread: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

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    Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    So much for the notion our economy is being destroyed because lazy Americans are overpaid. Not to mention, unlike WalMart, Costco employees don't qualify for food stamps and soak up $2.66 billion in taxpayer subsidies to run their business. Amazing ain't it?

    Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    A typical Costco worker made $45,000 in 2011, according to Fortune. That’s compared to Sam’s Club workers’ average salary of $17,486 per year, according to salary information site Glassdoor.com. Walmart has also been the target of protests by some of its workers, who are protesting what they say are the company’s low wages.

    The big box giant's profit jumped 19 percent to $459 million last quarter, thanks in part to the company’s efforts to offer discounts to lure more members, according to Bloomberg. The company was able to offer those discounts and boost its profits while paying its workers a decent wage, a claim many of Costco’s competitors can’t make.

    Nor can Costco's competitors claim growth quite like the wholesale retailer. Walmart’s sales suffered last quarter as shoppers struggled with a delay in their tax refund checks and a payroll tax hike. The company’s Sam’s Club unit, which is comparable to Costco, contended with similar obstacles in 2012.

    Target, another Costco competitor, lowered its earnings forecast for the year, after customers cut back, pushing the retailer’s profits down 29 percent.
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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    I think it shows that if a company takes care of it's employees their moral is higher and they are more productive. Too bad more companies don't recognize this.
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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by azgreg View Post
    I think it shows that if a company takes care of it's employees their moral is higher and they are more productive. Too bad more companies don't recognize this.
    I can see the morale argument... productivity though?.. not so much.

    whether I go into Costco or Walmart, the shelves are stocked and people help me find stuff....I doubt you'll find differing levels of productivity.

    what I usually find at Walmart, as opposed to Costco, is ...employees.
    there's lots of employees running around Walmart... not nearly so many running around Costco.... customer service is not their schtick.( it's a retail versus wholesale difference)

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by poweRob View Post
    So much for the notion our economy is being destroyed because lazy Americans are overpaid. Not to mention, unlike WalMart, Costco employees don't qualify for food stamps and soak up $2.66 billion in taxpayer subsidies to run their business. Amazing ain't it?

    Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    A typical Costco worker made $45,000 in 2011, according to Fortune. That’s compared to Sam’s Club workers’ average salary of $17,486 per year, according to salary information site Glassdoor.com. Walmart has also been the target of protests by some of its workers, who are protesting what they say are the company’s low wages.

    The big box giant's profit jumped 19 percent to $459 million last quarter, thanks in part to the company’s efforts to offer discounts to lure more members, according to Bloomberg. The company was able to offer those discounts and boost its profits while paying its workers a decent wage, a claim many of Costco’s competitors can’t make.

    Nor can Costco's competitors claim growth quite like the wholesale retailer. Walmart’s sales suffered last quarter as shoppers struggled with a delay in their tax refund checks and a payroll tax hike. The company’s Sam’s Club unit, which is comparable to Costco, contended with similar obstacles in 2012.

    Target, another Costco competitor, lowered its earnings forecast for the year, after customers cut back, pushing the retailer’s profits down 29 percent.
    Well, I don't believe it. I don't know how they arrived at "the typical Costco employee makes $45,000 a year," but I don't buy it. I don't care what the survey shows.
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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by poweRob View Post
    So much for the notion our economy is being destroyed because lazy Americans are overpaid. Not to mention, unlike WalMart, Costco employees don't qualify for food stamps and soak up $2.66 billion in taxpayer subsidies to run their business. Amazing ain't it?

    Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    A typical Costco worker made $45,000 in 2011, according to Fortune. That’s compared to Sam’s Club workers’ average salary of $17,486 per year, according to salary information site Glassdoor.com. Walmart has also been the target of protests by some of its workers, who are protesting what they say are the company’s low wages.

    The big box giant's profit jumped 19 percent to $459 million last quarter, thanks in part to the company’s efforts to offer discounts to lure more members, according to Bloomberg. The company was able to offer those discounts and boost its profits while paying its workers a decent wage, a claim many of Costco’s competitors can’t make.

    Nor can Costco's competitors claim growth quite like the wholesale retailer. Walmart’s sales suffered last quarter as shoppers struggled with a delay in their tax refund checks and a payroll tax hike. The company’s Sam’s Club unit, which is comparable to Costco, contended with similar obstacles in 2012.

    Target, another Costco competitor, lowered its earnings forecast for the year, after customers cut back, pushing the retailer’s profits down 29 percent.
    Costco is a great company. I completely support companies paying higher wages to their employees if they see a competitive advantage in doing so. But some of that might be by neccessity. Costco maintains a lot less employees per square foot then the other major supermarket in my area, Publix. So they may pay each employee more, but I'm willing to be their total labor costs are competitive if not lower then Publix's. And it shows when you go to Costco, its a different experience. You don't have an employee in every isle there to hold your hand. Which is fine with me, I'd rather pay lower prices.

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by MaggieD View Post
    Well, I don't believe it. I don't know how they arrived at "the typical Costco employee makes $45,000 a year," but I don't buy it. I don't care what the survey shows.
    I'm sure they do. They just hire a lot less employees, and they definitely don't expand their chain nearly as aggressively as other stores may. They only put a store in areas where their sales volume will be high so they can pay as few employees as much as possible.

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    I'm a fan of Costco.

    They may not have as many employees as WalMart or Target, but they have better ones.
    They have the best prices on quality goods that can be found anywhere. The only reason not to buy from Costco is that their containers are so big you'll never use all of the product. For things you use all the time, they're hard to beat.

    Our (bleep!)ing city council blew a chance to have a Costco here in town. I haven't forgiven them for that, and may never.

    But, we have three within a half hour drive, which isn't too bad.
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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Costco average is $38,756.00 here's my link Costco Wholesale Salaries | Glassdoor

    I was a high wage employer. The cost of training a new employee exceeds the value of keeping experienced employees not to mention that when you come to the office, your employees love you.

    Eventually CostCo will be bought out by a VC firm and they'll all be getting minimum wage. That's the new trend in America.

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by specklebang View Post
    Costco average is $38,756.00 here's my link Costco Wholesale Salaries | Glassdoor

    I was a high wage employer. The cost of training a new employee exceeds the value of keeping experienced employees not to mention that when you come to the office, your employees love you.

    Eventually CostCo will be bought out by a VC firm and they'll all be getting minimum wage. That's the new trend in America.

    it's called the race to the bottom ...

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    Re: Costco's Profit Soars To $459 Million As Low-Wage Competitors Struggle

    Quote Originally Posted by specklebang View Post
    Costco average is $38,756.00 here's my link Costco Wholesale Salaries | Glassdoor

    I was a high wage employer. The cost of training a new employee exceeds the value of keeping experienced employees not to mention that when you come to the office, your employees love you.

    Eventually CostCo will be bought out by a VC firm and they'll all be getting minimum wage. That's the new trend in America.
    VC firm?

    I don't know what that stands for, but i sincerely hope you're wrong.
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