A 23-year-old Santa Cruz local caught a towering wave near Half Moon Bay that was recently estimated to be 108 feet tall, which would make it easily the world’s largest wave ever surfed.
The current world record is 86 feet.
Read more: https://t.co/CjAtWnApdI
.@JeffBezos on long-term thinking and asking better questions:
I frequently get the question: "what's going to change in the next 10 years?"
I never get the question: "what's not going to change in the next 10 years?"
The second question is the more important of the two.
Costco sold $9B of clothing in 2022.
It was only 4% of the retailer’s total sales ($223B) but still more than:
▫️Lululemon ($8B)
▫️Ralph Lauren ($6B)
▫️Levi Strauss & Co ($6B)
And Costco is hitting these revenue numbers on ridiculously low sticker prices for its Kirkland brand: $14 for jeans, $19 sweaters/joggers, $25 for dress shirts and $100 suits.
Costco is mum about its clothes business, but most know that it maintains slim margins across all products (14% max) because it makes profits from the annual membership (~70% of its $6B net profit is from membership fees).
Typical fashion has a 55-70% mark-up and — per the WSJ — the white-label manufacturer for Kirkland clothes is one of these well-known fashion firms: Levis Strauss & Co (obviously, Costco gets a discount on volume).
The deal on all clothes at Costco — I own an embarrassing amount of Puma gym shirts — is the source of another legendary quote from Costco founder Jim Sinegal.
While speaking with MIT students, Sinegal explained how Costco negotiated a big discount on Calvin Klein jeans and why the retailer didn’t keep the extra margin.
“We pass the savings on to the customer, every time,” Sinegal said. “Do you know how tempting it is to make another $7 on a pair? But once you do it, it’s like taking heroin. You can’t stop.”
I decided today that I’m going to see if I can find the restaurant with the highest number of brothers. I am on strike and have nothing better to do with my time. Please join me.