Isn't Costco a publicly traded company? How was he able to justify paying $20 on average?
Costco’s profit climbed 19 percent as revenue rose 8 percent.
http://online.wsj.com/article/SB10001424127887324481204578174933756267190.htmlBut it clearly was not just hot dogs and rotisserie chickens driving Costco’s third-quarter profit up 19 percent to $459 million, or $1.04 a share, beating Wall Street expectations by a penny.
For the quarter ended Nov. 25, the company reported a profit of $416 million, or 95 cents a share, versus a year-earlier profit of $320 million, or 73 cents a share. The year-ago period included a net seven cent per-share charge due to the settlement of an income tax audit of Costco's 50%-owned Mexico joint venture as well as contributions made to support a ballot initiative in Washington state.
Total revenue jumped 9.6% to $23.72 billion. Analysts polled by Thomson Reuters expected earnings of 93 cents a share on $23.67 billion in revenue.
Maybe it's because they pay their employees much more fairly (imo) than other chains and don't overpay the executives...While competitors lost customers to the Internet and weathered a wave of investor pessimism, Costco’s sales have grown 39 percent and its stock price has doubled since 2009.
The hot streak continued through last year’s retirement of widely admired co-founder and Chief Executive Officer Jim Sinegal. The share price is up 30 percent under the leadership of its new, plain-spoken CEO, Craig Jelinek.
Despite the sagging economy and challenges to the industry, Costco pays its hourly workers an average of $20.89 an hour, not including overtime (vs. the minimum wage of $7.25 an hour).
By comparison, Walmart said its average wage for full-time employees in the U.S. is $12.67 an hour, according to a letter it sent in April to activist Ralph Nader. Eighty-eight percent of Costco employees have company-sponsored health insurance; Walmart says that “more than half” of its do.
Costco workers with coverage pay premiums that amount to less than 10 percent of the overall cost of their plans. It treats its employees well in the belief that a happier work environment will result in a more profitable company.
So I guess the consensus is if you're married and/or have a family, go to Costco. If you're still shopping for just yourself, go to Walmart?
Since a couple people here seem so convinced that Walmart is so much cheaper for the same products I will offer up a challenge. Post the prices of milk, Cheerios, tide detergent and a brand name tooth paste. Please do not post "well I bought xxx on sale for 99 cents last year", post the "every day" low Walmart price and include the package size.
I will post prices of the same products at Costco and we can compare prices.
Pays for itself in my experience. Added benefit is I don't have to support slave driver Wal-Mart in the process. I refuse to support a pos co like Wal-Mart or dealing with the Wal-Mart clientele aka people of Wal-Mart.
AmEx has higher merchant fees than V/MC/D. And I believe they also charge a monthly fee on top of it as well.
the guy who complains about amazon prime "not being worth it" is okay with paying a yearly membership fee to costco.
nice.
the guy who complains about amazon prime "not being worth it" is okay with paying a yearly membership fee to costco.
nice.
Since a couple people here seem so convinced that Walmart is so much cheaper for the same products I will offer up a challenge. Post the prices of milk, Cheerios, tide detergent and a brand name tooth paste. Please do not post "well I bought xxx on sale for 99 cents last year", post the "every day" low Walmart price and include the package size.
I will post prices of the same products at Costco and we can compare prices.
If you took a second to actually read what he said, it makes complete sense. But since you have trouble (or simply refuse to do so) I will explain it to you.
HE IS NOT PAYING ANYTHING FOR COSTCO MEMBERSHIP.
Maybe Costco negotiated a special exclusivity deal with them?
If you took a second to actually read what he said, it makes complete sense. But since you have trouble (or simply refuse to do so) I will explain it to you.
HE IS NOT PAYING ANYTHING FOR COSTCO MEMBERSHIP.
you apparently don't know how costco works if you think you don't pay a membership fee for access to shop there.
If you have an executive membership, you get 2% cash back in the form of a check when your membership is up for renewal. If you spend enough (around $3000), it will pay for your membership...
The small annual fee more than makes up for itself over the course of a year.
Walmart doesn't have sales. Costco sends out monthly coupon books to make their members think they're getting an even better deal. Walmart doesn't need sales because they have every day low prices(tm)
Not sure if they still do this, but in my training at Sam's they told us that Costco slowly marks up items in advance of sales and then the "sale price" is usually within 5% of the original price.
wife just got hired there. starting is 11.50, and EVERYONE that is hired now is considered parttime. 90 day probation, and from what employees say, less than half of the hired people dont have a job on day 91.
50 cent raise every 6 months(actually every x hours worked) guaranteed.
If you have any questions, I will try to answer them as best I can.
I have a part time job at Costco. I work about 24 hours a week. I have been there almost 5 years. They provide medical, and dental insurance. As well as 401k retirement.
For sure. Have a customer that works at Home Depot.."Hire 5 in on Monday and 1 is left on Friday."You'd be amazed at the number of people who, while on probation, simply decide to not show up for work or call in sick every other week. Then complain they can't find a job. I'm not surprised at 50%.