Former Toys ‘R’ Us Chairman and CEO Gerald Storch discusses his outlook for retail amid the coronavirus pandemic.
BJ’s Wholesale Club Holdings Inc.’s profit more than doubled in its first quarter, beating Wall Street estimates as revenue increased due to higher demand for coronavirus-related items. The Westborough, Mass., warehouse club chain reported a net profit of $95.7 million, or 69 cents a share, compared with $36 million, or 25 cents a share, a year ago.
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TAGRTE’S PROFITS SINK 64% AS COSTS SOAR AMID PANDEMIC The company posted adjusted earnings of 69 cents a share. Analysts polled by FactSet were expecting earnings of 45 cents a share on an adjusted basis.
The entrance to a BJ’s Wholesale Club store is seen in New York, August 18, 2008. REUTERS/Shannon Stapleton
Revenue rose to $3.8 billion from $3.1 billion a year earlier. Analysts had expected $3.3 billion of revenue in the quarter. The company said comparable club sales for the quarter excluding the impact of gasoline sales increased by 27%.
GET FOX BUSINESS ON THE GO BY CLICKING HERE The company said it increased all hourly team members’ wages by $2 an hour and gave special bonuses to managers and key personnel.
