How does Costco's Code of Ethics—which puts customers, employees, and vendors ahead of shareholders—remain consistent with their fiduciary responsibility to their shareholders?
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I don't find these two to be inconsistent at all. Costco has been very profitable and it has loyal customers and employees. Loyal customers return regularly to the store and a stable employee base reduces turnover and enhances the experience that shoppers have while in Costco. Costco is in a very competitive market and its ability to differentiate itself slightly from its competitors gives it a small measure of pricing power -- this is good for the shareholders.
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