freitasm:

 

People are idiots.

 

idiots are more common than common sense

neb:

 

...

 

Everyone is someone else's idiot.  Ever tried explaining a problem you're having to a ... dentist,..?

 

I did try that once......he asked me to stop biting his fingers.

networkn:

 

https://www.nzherald.co.nz/business/companies/retail/costco-new-zealand-boosts-revenue-to-361-million-profit-nears-break-even/2VD23SYRHBFIRJURHGORIYXTQM/

 

How the hell are they not making money? That's insane. 

 

They are doing over $1m revenue every trading day

 

From speaking with someone who supplies both Costco and the supermarket duopoly, it is apparently night and day dealing with Costco. They don't try to screw their suppliers. 

Does the revenue figure include the membership fee required to shop at Costco?

SepticSceptic:

 

I usually find that most people won't read more than the first couple of sentences, especially in a technical email.

 

Often it seems they haven't read anything at all.

The number of times I've sent an email asking the person to make a choice between two options (eg "We can do it this way or that way, which would you prefer?") and got back an answer of "Yes".

Bung:

Does the revenue figure include the membership fee required to shop at Costco?

networkn:

 

https://www.nzherald.co.nz/business/companies/retail/costco-new-zealand-boosts-revenue-to-361-million-profit-nears-break-even/2VD23SYRHBFIRJURHGORIYXTQM/

 

 

 

How the hell are they not making money? That's insane. 

 

They are doing over $1m revenue every trading day

 

Don’t confuse their taxable profit with their wall to wall margin. They aren’t same thing. 

There are any number of entirely legal ways for a global business to move the location where they report profits. 

Handle9:

 

Don’t confuse their taxable profit with their wall to wall margin. They aren’t same thing. 

 

There are any number of entirely legal ways for a global business to move the location where they report profits. 

 

Yeah, I was thinking about that last night.  I'd like to see a way for that to be better and more transparent managed so Tax can be paid in the local country.

floydbloke:

 

I did try that once......he asked me to stop biting his fingers.

 

It's actually bad when you're aware of how it looks from the other side, numerous times when talking to tradies I've thought "I'm probably using the wrong terms here, and mixing up several different things, and guessing at the wrong cause, and... oh gawd, thankfully he's being very polite and not correcting me".

neb:

 

It's actually bad when you're aware of how it looks from the other side, numerous times when talking to tradies I've thought "I'm probably using the wrong terms here, and mixing up several different things, and guessing at the wrong cause, and... oh gawd, thankfully he's being very polite and not correcting me".

 

My conversations like that start with 'hey, I am likely using the wrong terminology, I apologise in advance, hopefully I can describe this well enough for you to understand it'

kingdragonfly: 

 

But it also means you need to purchase a good amount yearly to offset the membership cost.

For a consumer, it's almost always a significant savings.

I'm jealous.

For us, the difference in petrol price at Costco Fuel vs the local retailers, pays our membership.

kingdragonfly: 

But it also means you need to purchase a good amount yearly to offset the membership cost.

I usually get my membership fees back in 1 shop and 1 petrol refill. 

The first time I went I saved $800 on a BBQ :)

networkn:

 

https://www.nzherald.co.nz/business/companies/retail/costco-new-zealand-boosts-revenue-to-361-million-profit-nears-break-even/2VD23SYRHBFIRJURHGORIYXTQM/

 

How the hell are they not making money? That's insane. 

 

They are doing over $1m revenue every trading day

 

They are making money, just not in this "high" tax jurisdiction

Their books are open for anyone to look at here https://app.companiesoffice.govt.nz/companies/app/service/services/documents/0165403D5FADF2A3A85EE40B1806F3BF

They have a 10% gross profit on sales, although even that is not totally true, as many of the goods supplied will be their home brands sourced from another costco subsidiary,( likely registered in a low tax county)

Out of the 10% gross (~30 million) there is $1 m in staff costs, + $10m in "other expenses" - this is where you can really move money around, you include things like "licensing" and other non tangibles that you buy from other costco companies in other jurisdictions, (again likely a low tax countries). 

Its all a big money shuffle, so that when you do have to pay tax on stuff you do it in the places that want the smallest % 

networkn:

 

The first time I went I saved $800 on a BBQ :)

 

Did you really, though? Easy to show you saved $800 

Membership fee? For a discounter? Weird. My discounter gives me products for free (i.e. fresh raspberries, a pack of flour, fresh cucumber,…) when I come along weekly.