PORTLAND, Ore. A steady stream of shoppers looking for deals on necessities has helped wholesale club operators Costco Wholesale and BJ’s Wholesale Club deliver profit gains while many of their grocery competitors struggle.
Costco (COST) and its smaller competitor, BJ’s (BJ), both reported Wednesday that traffic, profit and sales trends improved at their stores during the quarter.
It’s a marked difference from many of its grocery competitors like Kroger (KR), Walmart Stores (WMT) and others, where food sales that once buoyed business are starting to sink profits thanks to the continued drag of the weak economy and increased price competition.
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