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For: Real America News Updated 16 Apr 2022, 13: 16 pm EDT
As a consequence of high inflation rates, several retailers have increased the prices of their products and have made billions of dollars in additional profits.
So shows a recent study published by Accountable.US , a business watchdog group.
Several companies appear to have raised their prices unnecessarily in 2020 and 2022 at a time when Americans were dealing with the economic fallout from the coronavirus
pandemic , according to the report.
The group notes that instead of keeping prices stable for struggling families, corporations have overcharged Americans and prioritized the g earnings.
“When corporate earnings are at their highest levels in almost 50 years and companies are showering their shareholders with billions in new profits over the last year, raises serious questions as to whether industries such as retail have had to raise prices to families to such excessive degrees,” Accountable.US President Kyle Herrig said in a statement to CBS MoneyWatch.
The new figures come as companies enjoy their most profitable year since the 1950.
Accountable.US stated that it examined the financial statements of the 10 major retailers in the country for the past two years, including Lowe’s and Target, and found that they had won ances of at least $24,600 million dollars during your most recent fiscal years, for a total of $99,04 million dollars.
Inflation reached a new maximum in 40 years in March and consumer prices rose 8.5% in the last 12 months, the fastest annual rate since the Reagan administration.
These are some of the companies analyzed and the results that the study:
Costco
This company, whose financial director admitted that inflation “had passed on” to consumers in the form of price increases of up to 5%, he touted his “record” of net income of $5,000 millions, increased his donations to shareholders by more than $4,500 million to more than $6,200 million, and has continued to experience increases in net income.
Target
Known for changing their prices online based on customer locations to “’reflect the local market’” while maximizing sales and profits, saw their net profits increase in the fiscal year 2021 a 59% and used those earnings to increase rebuys by 800% while spending $1,500 million in dividends from shareholders.
Home Depot
After Home Depot’s CEO admitted that the company was “taking costs” to pass on to consumers, the company reported an increase of 12% in annual net earnings, increased share repurchases by $13,000 millions and spent almost $7, million in dividends.
Amazon
Announced price increases on its Amazon Prime subscriptions in February 2022 and plan a program of and repurchase for its shareholders of $12, million next month.
The company experienced an increase of your net income of 2022 in excess of $12,000 million to more than $33,000 millions.
Walmart
He attributed an increase in his gross profit rate to the “management and combination of prices” and saw your most recent net income increase in the tax year 2022 in $163 million or more of $12,600 million, while your donations to the shareholders increased by $7,163 million to almost $10,000 million in the fiscal year 2022.
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