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Thomas
@aviationdoctor.eth
It’s a bit disgusting to witness the speed and glee with which some corporates are ditching the ESG and DEI initiatives now that the pendulum is swinging the other way. Regardless of your personal opinion on those agendas, it means that either those corporates are prone to flip-flopping, or they never held those “corporate values” with any sincerity to begin with. I would actually prefer that corporates stop pretend to defend values in the first place — at least it removes the hypocrisy from the equation
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John
@silentjohn
Disgusting, sure. Surprising? Not really. These companies do not really care, and never did, about ESG/DEI or anything else that isn't profit-driven. Costco is really one of the few bucking the trend here. You can bet that as soon as ESG/DEI begins to hurt their bottom line that ESG/DEI is the first thing to go.
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Adam
@adam-
If Costco put its bottom line over bigger initiatives it would have raised the prices of those Hot Dogs long ago.
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John
@silentjohn
Costco makes its money through membership fees, not hotdogs at the lunch counter.
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Adam
@adam-
That’s not the point, it proved that they valued certain principles over profit. Up until last year you didn’t need a membership to eat there and take advantage of this.
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John
@silentjohn
This is just a schtick. 80% of their revenue comes from memberships. They raised membership fees and made more restrictions. Costco stock has increased over 200% over the past 5 years. Gross profit in 2023 was $27 billion. Come on man, this isn't some benevolent company.
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John
@silentjohn
Costco union workers are gearing up to strike as well. They made almost $8 billion in net profits and refuse to get their workers the wages and benefits they need. https://abcnews.go.com/US/costcos-unionized-workers-vote-authorize-nationwide-strike/story?id=117875222
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Adam
@adam-
Like any giant corporation, they aren't flawless and this is definitely an area they should improve on. Having said that, the could have easily folded on the DEI issue like countless others have, but pushed back and stood their ground on it. Thats still a net positive from an employment perspective, even if they need to fix their wage issues.
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