The hearing focused on employee pay at big companies. President Joe Biden and many Democrats in Congress have expressed support for more than doubling the current federal minimum wage of $7.25 to $15.
Many individual states and cities already have set the floor at that level, and other companies have boosted their minimums as well.
The Issaquah, Wash., membership-based warehouse retailer pays about 20% of its workers the minimum. It previously pulled its minimum wage to $14 in 2018 and to $15 in 2019, CNN reports.
The Bentonville, Ark., retail giant promised to ultimately raise wages to an average of more than $15 per hour. Target (TGT) - Get Report and Best Buy (BBY) - Get Report raised their minimums to $15 last year, CNN reports.
Costco’s stock recently traded at $337.68, down 0.9% on a sharply down day for the major Wall Street indexes. Costco has risen just 8% over the past year as investors favored online retailers.
Nonetheless, “the firm’s food and fuel offerings drive traffic and suspect that Costco is poised to thrive even as digital sellers expand,” Morningstar analyst Zain Akbari wrote in December. Akbari pegs fair value on the stock at $332.