Costco profits are up and Teamsters want a share
of ConsumerAffairsThe union representing 18,000 Costco workers says executives at the warehouse retailer abruptly ended collective bargaining negotiations last week.
In the middle of a workday, Costco walked away from the bargaining table. With less than a month until the contract expires, the company should be working overtime to reach a fair agreement not walking away from negotiations, said Teamsters General President Sean M OBrien in a news release.
The Costco Teamsters National Master Agreement is set to expire on Jan. 31.
Our national negotiating committee is fully committed to securing an agreement with Costco, but the company has shown little interest in working constructively to reach a fair deal, O'Brien said.
Costco recently announced annual net profits of $7.4 billion up from $6.3 billion last year, and a 135 percent increase from2018, the Teamsters noted.
"These soaring profits are only possible because of the tireless work of Costco employees, who deserve a contract that reflects their critical role in the companys success, the union said. "The company has offered acounterproposalthat fails to reflect its historic financial success and provides no increased retirement benefits."
Costco opened its 897th warehouse during the quarter and achieved the highest-ever opening-day sales of $2.9 million.
Costco alsoincreasedmembership dues for the first time since 2017. On Sept. 1, the basic membership fee rose to $65 per year, while Costcos Executive Membership jumped to $130 annually.
Photo Credit: Consumer Affairs News Department Images
Posted: 2025-01-13 01:54:31
