Pandemic Shopping Pushes Costco To $4 Billion Record Profits

September 25, 2020 News

Costco reported its annual profit above $4 billion for the first time fueled by the pandemic shopping surge.

However, the company also reported spending an additional $281 million in the 16 weeks ending August 30 on things like hazard pay for its employees, and increased safety protocols.

That increased expense and its impact on profit margins sent shares of Costco lower in early trading Friday.

“Non-essential” retailers, such as traditional small business and retailers, meanwhile, have been devastated.

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