Costco Wholesale Corp. has made a business out of doing things its own way.

It pioneered and perfected the high-low formula, selling bulk toilet paper and $1.50 hot dogs alongside gold bars, diamond rings and more wine from Bordeaux than any other retailer. It intentionally keeps its profit margins low while requiring a membership fee for the privilege of shopping in its no-frills warehouses. It’s a discounter that pays employees some of the highest wages in a retail industry notorious for squeezing its workforce.

Costco has just made another bet on zigging while the rest of the sector zags. As retailers from Walmart Inc. to Tractor Supply Co. bow to pressure to reverse their commitments to diversity, equity and inclusion, Costco has stayed........

© Bloomberg