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MarketWatch MarketPulseAug 05, 2020
Costco stock advances after hours as July sales rise 14%
Costco Wholesale Corp. said Wednesday that July sales rose 14% to $13.04 billion, from $11.43 billion in July 2019. Same-store sales rose 13.2%, including a 13.3% increase in U.S. same-store sales. E-commerce sales increased 75.3%, the company said. That's following a June where sales gained 11%. Costco is scheduled to report fiscal fourth-quarter results Sept. 24, with expected quarterly sales of $50.95 billion, according to FactSet. Shares of Costco rose 1.5% in the extended session, following a less than 0.1% rise to close the regular trading day at $339.37.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 05, 2020
Potbelly stock rallies after company's cash burn moderates
Shares of Potbelly Corp. rallied 10% in the extended session Wednesday after the restaurant chain selling sandwiches and other items reported a wider second-quarter loss but said its same-store sales improved toward the end of the quarter and that it now expects to have to permanently close fewer restaurants. Its weekly cash burn also trended lower throughout the quarter and is down about 75% from the early weeks of the pandemic, the company said. Potbelly said it lost $22.2 million, or 93 cents a share, in the quarter, compared with a net loss of $1.9 million, or 8 cents a share, in the year-ago period. Adjusted for one-time items, Potbelly lost 63 cents a share, compared with a loss of less than a penny a year ago. Revenues fell to $56.2 million from $105.6 million. Analysts polled by FactSet had expected an adjusted loss of 46 cents a share on sales of $65 million. Same-store sales "steadily improved throughout the quarter," from a late March low of down 68%, to a decline in the mid-20% range for June, the company said. Potbelly had $29.1 million in cash and kept $16.7 million available under a revolving credit facility, it said. Its total liquidity was $45.8 million, flat compared with $45.8 million at the end of the first quarter. Potbelly said it "continues to have constructive discussions" with landlords, resulting in 16 permanent shop closures and 187 leases renegotiated as of early August. It now expects to have to permanently close fewer than 50 stores, compared to up to 100 as it previously expected, the company said. Shares of Potbelly ended the regular trading session down 4.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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