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MarketWatch MarketPulseJul 08, 2020
Zig-Zag parent company reports record sales during pandemic
Turning Point Brands Inc. , which makes Zig-Zag rolling papers and other smoking-related products, announced Wednesday afternoon that it expects to report record revenue for the just-completed quarter. In conjunction with the announcement of a public offering of 2 million shares from investors, the company revealed that it expects second-quarter revenue to top $100 million, a level the company has never previously reached for a quarter. The total is well ahead of the company's stated expectations of $81 million to $87 million as well as the average analyst estimate of $85 million, according to FactSet. "In the Smoking segment, sales benefitted from increased consumption, new product penetration and recently implemented growth initiatives which offset the COVID-related supply chain disruption experienced in the MYO cigar wraps business," the company disclosed in its announcement. Shares increased more than 10% in after-hours trading immediately following the announcement, after closing with an 8.4% gain at $26.46. The stock has declined 7.5% so far this year, as the S&P 500 index has dropped 2.7%.

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MarketWatch MarketPulseJul 08, 2020
Costco June sales rise 11% to $16 billion
Costco Wholesale Corp. said Wednesday its June sales rose 11% to $16.2 billion, from $14.6 billion in June 2019. Same-store sales rose 12%, including an 11% increase in U.S. same-store sales. E-commerce sales increased 86%, the company said. Costco sales in May rose 7.5% and online sales jumped 106% that month. Costco has reported strong e-commerce sales this year but at its last quarterly report in April the company said the online sales hadn't made up for the drop in foot traffic at the stores and other businesses such as optical, food court, and travel due to the stay-at-home orders, social-distancing restrictions and closures related to the coronavirus pandemic. Costco is slated to report fiscal fourth-quarter results sometime in September, with quarterly sales seen around $50 billion, according to FactSet. Shares of Costco rose nearly 1% in the extended session after ending the regular trading day up less than 0.1%.

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

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