BJ's Wholesale Club Holdings Inc BJ reported a third-quarter FY23 sales growth of 2.9% year-over-year to $4.92 billion, missing the analyst consensus of $4.96 billion.
Total comparable club sales increased by 0.3%. Comparable club sales, excluding gasoline sales, were flat.
Membership fee income increased by 6.6% to $106.05 million. Digitally enabled comparable sales climbed 16% Y/Y.
Gross profit rose 4.3% Y/Y to $902.5 million from $877.1 million in 3Q22. Merchandise gross margin rate increased by 30 bps YoY.
Operating margin expanded slightly to 4.1% from 4% last year, and the operating income improved by 3.9% Y/Y to $199.37 million.
Adjusted EPS of $0.98 beat the consensus of $0.96.
BJ's Wholesale Club held $33.55 million in cash and equivalents as of October 28, 2023. Operating cash flow for nine months totaled $444.53 million.
Under its existing share repurchase program, the company repurchased 242,000 shares of common stock, totaling $17.1 million in Q3.
"During the third quarter, we posted accelerating membership growth, robust traffic gains and continued increases in market share," commented Chairman and CEO Bob Eddy.
4Q23 Outlook: BJ sees comparable club sales, excluding the impact of gasoline sales, to range from a 2% decrease to 1% increase YoY.
FY23 Outlook: BJ's Wholesale reaffirms EPS guidance of $3.80-$3.92 versus the consensus of $3.85.
BJ currently expects FY23 comparable club sales growth, excluding the impact of gasoline sales, to increase by 1.0% to 1.8% (prior view growth of 2% Y/Y).
Price Action: BJ shares traded lower by 4.59% at $64.50 premarket on Friday.
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