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This Discount Giant Is Too Expensive
Don't Miss:Spurs Nation32nd annual Tejano ConjuntoPub Crawl: Little Red BarnmySpy: Twisted Taco Truck ThrowdownElection resultsComics GamesOpinion HomeColumnistsCommentaryEditorialsLetters to the EditorAutomotiveEagle FordColumnistsNational/InternationalReal EstateSalary WizardPress releasesTop Work PlacesSponsored ContentRecent StoriesRestaurant SearchRestaurant News and ReviewsRecipesCostco operates over 600 of its warehousestyle stores and has a paid membership of 36.9 million. The general strategy of Costco is to offer deep discounts on a wide range of merchandise, which produces high sales volume and inventory turnover. Virtually all of Costco's merchandise is bought directly from manufacturers, and its low overhead and nofrills business model allows it to operate at an even lower profit margin than the other discount giants.
Costco has been growing aggressively, and in October the company announced its plans to accelerate this growth, and just recently, 14 new stores are set to open between now and the end of this fiscal year in August.
Costco competes with other large discount retailers, so I wonder if the others trade at a similar premium. The closest competitor is WalMart, whose Sam's Club stores are very similar to Costco. Surprisingly,[url=http://nikefreetilbud.hcslnet.com]billige nike free[/url], even though the two companies have similar growth projections, WalMart trades at a much lower valuation of 13.9 times forward earnings. Analyst estimates call for a forward growth rate of 9.2%, lower than Costco's; however, not so low as to warrant such a discrepancy in valuation.
Additionally, WalMart seems to be a much more shareholderfriendly company in terms of both dividends and buybacks. The current dividend yield is 2.53% and this has been raised consistently since the company began paying dividends in 1973. Additionally, WalMart has a great buyback program, and in the past five years, the amount of outstanding shares has been reduced by 15.3%, compared to just a 1.8% reduction for Costco over that same time period.
Another alternative, especially if you believe the economic recovery will continue for several years, is Target, which is a slightly more upscale giant discount chain. Target may actually be the fastestgrowing of the three companies mentioned here, with an aggressive expansion plan into Canada underway right now. In fact, in 2013 alone, over 125 new Target stores are expected to open in Canada alone.
Target trades for 15.1 times earnings, which seems like an absolute bargain when you consider that a forward growth rate of over 15% is projected for the foreseeable future. Target pays a dividend of just over 2%, making this a true growth/income play, and my current favorite of the three.
While I love Costco as a company, and shop there frequently, there are simply better options right now for both growth and income investors. One interesting thing I'd like to share that I found when researching Costco, however, could turn the tables very quickly.
Those who have been following political news recently knows that President Obama has called for raising the federal minimum wage to $10.10 per hour, which you may think would be bad for all retailers of this nature. What I didn't realize was that Costco's average sales associate makes $11.56 per hour, more than $2 per hour more than WalMart or Target. So, the minimum wage hike wouldn't really affect Costco much, if it happens, and it could be a gamechanger for the profitability of the other two companies.

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　　据该市委组织部有关领导介绍,[link widoczny dla zalogowanych]，从今年1月份开始，该市财政每年将列支1100万元左右,[link widoczny dla zalogowanych]，为全市像钱大伯这样的离任村干部，和现任村主要干部,[link widoczny dla zalogowanych]，解决生活补助和工作报酬问题。其中，今年将列支近200万作为全市一千余名离任村干部的补助资金。
　　中新浙江网8月28日电 (富阳记者站骆炳浩王芳芳通讯员夏叶峰)“真是高兴呀，这下我每个季度都可以拿到600元钱了！”今年67岁的钱宗献，是富阳高桥镇坑西村村民。老人从13岁参加工作,曾担任过20年正职村干部。8月26日,他从该镇党政办工作人员陈志文手中接过了一本证明
　　蹲点结束后，高桥镇作为试点，随即召开了全市“建立健全村干部激励保障机制”现场会，建立健全了离任村干部的定期补助机制、现任村干部的工作报酬机制等五大机制,[link widoczny dla zalogowanych]。富阳市委、市政府在摸底调查、外地考察和乡镇试点的基础上，制定了《关于对离任村干部实行定期补助的意见》和《关于建立健全现任村干部激励保障机制的意见》两个文件，决定从2008年1月起，由市财政对全市符合条件的离任村干部实行定期补助，对现任村主要干部发放工作报酬,[link widoczny dla zalogowanych]，并明确了补助范围、定补标准、资金筹措及发放程序。
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　　“今后，离任村干部补助资金还将根据物价上涨因素和全市工资水平进行适当调整。”陈志文一边给离任村干部们发着钱，一边告诉记者，这次补助离任村村干部的对象主要是,[link widoczny dla zalogowanych]，建国以来担任村级正职干部累计5周年以上，且男年满60周岁女年满55周岁的离任村干部。补助资金则由市、乡镇(街道)两级财政各承担50%,[link widoczny dla zalogowanych]。
　　中新浙江网8月28日电 (富阳记者站骆炳浩王芳芳通讯员夏叶峰)“真是高兴呀，这下我每个季度都可以拿到600元钱了！”今年67岁的钱宗献，是富阳高桥镇坑西村村民。老人从13岁参加工作,曾担任过20年正职村干部。8月26日,他从该镇党政办工作人员陈志文手中接过了一本证明其正职离任村干部身份的“离任村干部证”和两个季度共1200元的生活补助费。
　　定期补助制的实施，激励着离任“村官”继续发挥余热
　　“真没想到啊，自己一番话会让领导这么重视。&rdquo,[link widoczny dla zalogowanych];去年初，富阳市委书记徐文光在高桥镇洪庄村蹲点调研时，一位离任的村妇女主任孔福娣谈道，自己为村里工作了几十年，现在生活比较艰苦，希望得到党和政府更多的关心和帮助。村妇女主任的心愿，立即引起了当地市委、市政府的高度重视。
　　
　　离任村妇女主任的一番话，富阳离任&ldquo,[link widoczny dla zalogowanych];村官”有了补助金
　　“这笔钱的意义可不一样啊，不管钱多少，说明党和政府还惦记着我们这些老人！”当记者问陶大伯，拿到这笔钱有何感想时，他笑了笑，说，他现在在一家工厂当门卫,[link widoczny dla zalogowanych]，每个月也有千把块钱收入，可是，手中的这笔补助资金，不光是经济上的激励，更重要的是体现了市委市政府对他们这些离任村干部的重视和过去工作的肯定,[link widoczny dla zalogowanych]，激发了他对党组织的认同感、归属感和荣誉感，他将继续为村里发展发挥余热。据悉，目前，该市已有150多名离职村干部主动担起新农村建设指导员、矛盾纠纷调处员。
　　62岁的陶富明老人是富阳高桥镇勤丰村村民，曾经担任过11年的正职村干部,[link widoczny dla zalogowanych]，按每任职1周年每月补助10元的标准，他每季度可以拿到330元补助资金。
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Despite pledges in the last year to fight pollution, Beijing saw barely any improvement in air quality in 2013.
The intensity of major air pollutants remained much the same in 2013 as they were in the previous year, figures released by the Beijing Environmental Protection Bureau on Thursday indicate.
PM2.5, airborne particulate matter smaller than 2.5 micrometers in diameter, was 2.5 times the national standard, it said.
Authorities began to monitor and publish PM2.5 levels in 2013.
"It's a long process to fight the capital's pollution," Fang Li, spokesman for the bureau, said at a news conference on Thursday.