Costco says extra profit from tax cuts will be shared with employees

[mucifer]

Many retailers have announced plans to spend their tax-cut windfalls on one-time employee bonuses or more enduring wage increases. As retail pay is boosted, Costco intends to keep compensation for its more than 239,000 workers ahead of the pack, executives said Wednesday as the company reported its quarterly results.

Costco’s tax benefit in its fiscal second quarter was $74 million or 17 cents a share. That helped the Issaquah-based retailer post $701 million in profit, $1.59 a share, and beat Wall Street analysts’ expectations. Costco sales and membership fees were up 10.8 percent to $33 billion in the quarter, which ended Feb. 18 and included most of the holiday shopping season.

“Some will fall to bottom line, yes,” he said. “We also take care of our employees.”

He provided few details of what Costco employees could expect, but said it would not be a one-time bonus. The timing of the benefit would be “in the next two months,” he added.

https://www.seattletimes.com/business/retail/costco-sales-surge-in-second-quarter-profits-boosted-by-tax-cuts/

[Cha]

1. One more reason that I Love My

Costco!

Mahalo, mucifer

[underpants]

2. Good but we have to remember there's a competition for retail workforce

Between Costco BJ's and Sam's while a lot of retail experience is entering the employment market due to the anchor store/mall closings. Target and Walmart are in direction competition regarding retaining and recruiting "associates".