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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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.
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%.
The company said it increased all hourly team members' wages by $2 an hour and gave special bonuses to managers and key personnel.