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It’s almost Thanksgiving Day.
The supermarket chains millions of Americans flock to for their turkey and feast ingredients have a lot to be thankful for.
Their workers, not so much. 1/11 https://twitter.com/Public_Citizen/status/1331619356460019712">https://twitter.com/Public_Ci...
The supermarket chains millions of Americans flock to for their turkey and feast ingredients have a lot to be thankful for.
Their workers, not so much. 1/11 https://twitter.com/Public_Citizen/status/1331619356460019712">https://twitter.com/Public_Ci...
Walmart has made $15.6 billion in profits in so far this year, a 45% increase over last year’s profits.
Amazon, the parent company to Whole Foods, earned $14.1 billion in profits so far, a 24% increase.
Both stopped providing front-line employees hazard pay in the summer. 2/11
Amazon, the parent company to Whole Foods, earned $14.1 billion in profits so far, a 24% increase.
Both stopped providing front-line employees hazard pay in the summer. 2/11
Both Kroger and Albertsons -- the parent company of several grocery stores including Safeway, Vons, and Shaw’s -- more than doubled their profits in their latest quarterly earnings reports.
Both also stopped providing extra pay to employees months ago. 3/11
Both also stopped providing extra pay to employees months ago. 3/11
In fact, while the 8 biggest U.S.-based grocery companies have made over $10 billion more in profits so far in 2020 than they did over the same period of 2019, only 3 (Costco, Target & Publix) are continuing to provide extra pay to front-line workers. 4/11
It’s not as if the hazard has gone away. Just the hazard pay.
At least 48,000 members of the UFCW (the largest labor union representing grocery workers) have been sickened or exposed to COVID-19.
At least 350 have died.
https://www.cnbc.com/2020/11/23/grocery-workers-face-new-challenges-as-covid-worsens-fatigue-sets-in.html">https://www.cnbc.com/2020/11/2... 5/11
At least 48,000 members of the UFCW (the largest labor union representing grocery workers) have been sickened or exposed to COVID-19.
At least 350 have died.
https://www.cnbc.com/2020/11/23/grocery-workers-face-new-challenges-as-covid-worsens-fatigue-sets-in.html">https://www.cnbc.com/2020/11/2... 5/11
If it’s not obvious, the pandemic is the reason the biggest grocery businesses are raking in huge profits.
Most people are avoiding restaurants.
CNBC is reporting how good news about vaccines is basically bad news for big grocery profits.
https://www.cnbc.com/2020/11/09/rocers-pandemic-gains-could-quickly-evaporate-report-says.html">https://www.cnbc.com/2020/11/0... 6/11
Most people are avoiding restaurants.
CNBC is reporting how good news about vaccines is basically bad news for big grocery profits.
https://www.cnbc.com/2020/11/09/rocers-pandemic-gains-could-quickly-evaporate-report-says.html">https://www.cnbc.com/2020/11/0... 6/11
Of course, the reason these businesses are able to rake in these huge profits is that they have a workforce that shows up and does the work of stocking shelves and operating cash registers.
Front-line hourly workers make the profits possible. 7/11
Front-line hourly workers make the profits possible. 7/11
So what are big grocery businesses doing with their pandemic profits?
Many are boosting executive pay and shareholder returns by spending billions on stock buybacks.
Walmart spent $500 million on buybacks in recent months.
Albertsons spent $1.7 billion. 8/11
Many are boosting executive pay and shareholder returns by spending billions on stock buybacks.
Walmart spent $500 million on buybacks in recent months.
Albertsons spent $1.7 billion. 8/11
Corporations buy back their own stock to reduce the number of shares available, raising the value of the stock – and execs’ stock-based compensation.
Cases are rising. With the holidays, grocery spending is expected to rise too.
The rich get richer & workers get sicker. 9/11
Cases are rising. With the holidays, grocery spending is expected to rise too.
The rich get richer & workers get sicker. 9/11
“We’re all in this together” is usually used as an expression of shared sacrifice.
But with grocery stores suddenly enjoying windfall profits because of the pandemic, it should also be used by workers to demand their employers share the wealth they create. 10/11
But with grocery stores suddenly enjoying windfall profits because of the pandemic, it should also be used by workers to demand their employers share the wealth they create. 10/11
For more details about major retail companies making massive pandemic profits while mostly halting additional pay for workers, see my latest @Public_Citizen report https://www.citizen.org/article/sacrificial-workers-covid-hazard-pay-retail-workers-report/">https://www.citizen.org/article/s... 11/11
