Thursday, August 12, 2004

Wee will pull them Down for you Wee will you Damd infernold Dog

Just in time for the latest yay Costco article, the new LBO arrived. In response to Andy Stern's analysis, Doug writes:

Stern is writing from the mythical land of the win-win situation. Wall Street's "bias" is well-founded. You need look at only a few numbers to see why. Wal-Mart's profits are 3.5% of sales, Costco's 1.7%. Wal-Mart's return on equity is 21%, Costco's 12%. Over the last two years, Wal-Mart's profits have grown 13%, Costco's 9%... There is no getting around the fact that stockholders' gains are often workers' losses, and vice versa. The old class struggle is alive and well.
You think?

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