Check out mixed news from discount retailers.
Warehouse clubs turned in a diverging earnings performance on Wednesday but overall results still showed the strength of this business model as consumers search for bargains.
No. 1 U.S. warehouse club operator Costco Wholesale reported a lower profit as non-food sales weakened, but smaller rival BJ’s Wholesale eked out an earnings gain.
As both retailers look to preserve and grow their business, that could bode even better for cost-conscious customers.
Costco has said it will cut prices to keep shoppers, while BJ’s said one of its top priorities this year is to gain market share.
Close-out chain Big Lots also posted profit that topped Wall Street forecasts - and investors eagerly snapped up its shares.
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(Photo: Reuters)
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