Some of the United States’ biggest retailers have been accused by a nonpartisan watchdog organization of profiteering from rising inflation levels across the nation.
The report states that the companies made “at least $24.6 billion in increased profits during their most recent fiscal years,” as Americans continued to face the economic impacts of the COVID-19 pandemic.
Accountable.US said it studied the financial statements of the nation’s top 10 retailers over the past two years—which also include Amazon.com Inc., Home Depot Inc., Lowe’s Companies Inc., and Dollar General Inc.—and found that the companies collectively increased profits by billions during the most recent fiscal years, for a total of $99 billion.
“And even worse, these same companies increased spending on shareholder handouts by nearly $45 billion year-over-year for a total of $79.1 billion,” the watchdog organization said.
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The e-commerce company “saw its 2021 net income increase by over $12 billion to over $33 billion as its CEO pay ratio increased from 58-to-1 to 6,474-to-1,” Accountable.US said.
Costco, Accountable.US said, has “touted its ’record-breaking' $5 billion net income, grew its shareholder handouts by over $4.5 billion to over $6.2 billion and has continued to see increases to its net income after earning $1.2 billion in net income in its most recent Q2 FY 2022, up $348 million from the prior year.”
The Epoch Times has contacted Amazon, Costco, Walmart, Target, CVS Health, Kroger, Lowe’s, TJX, Home Depot, and Dollar General for comment.
In a statement to The Epoch Times, Home Depot said the Accountable.US report misrepresents the company’s comments about fiscal 2021 to make inaccurate allegations.
“As our customers’ advocate for value, we’re continuously working with our suppliers to keep costs as low as possible for our customers,” the company said. “We don’t control costs in core commodities like lumber, copper and wiring. Our growth has been driven by overwhelming demand in home improvement.”
The BLS also reported that the unadjusted producer price index (PPI) in March 2022 had increased 11.2 percent from March 2021. The PPI is a measure of inflation based on the costs to producers.
“It’s time corporations finally help shoulder the burden average Americans have taken on throughout the health crisis,” Herrig told CBS MoneyWatch. “Corporations can start by stabilizing prices for consumers instead of pursuing even higher profits—on top of finally paying their fair share in taxes.”