BJ’s Wholesale Club (bj) – Get a free report Shares fell in early trading Friday after Costco’s smaller volume discount rival (COST) – Get a free report reported weaker-than-expected third-quarter sales and forecast reduced traffic for the holiday season.
BJ’s said adjusted earnings for the three months ended Oct. 28 were 98 cents per share, down one cent from the same period last year and just 3 cents ahead of the Street consensus forecast. Group revenue, however, BJ’s said, was essentially flat from last year at $4.818 billion and missed analyst estimates of a figure of $4.9 billion.
Same-store sales excluding gas receipts were also flat from a year earlier, BJ’s said, compared with forecasts for a 1% increase, while membership dues rose 6.6%. to 106.1 million dollars.
Looking ahead to the 2023 financial year, which ends in January, BJ’s reiterated its earnings guidance in the region of $3.80 to $3.92 per share, with holiday quarter comparable sales likely to range from a decline of $2. % and an increase of 1%.
Related: Walmart Slumps as Cautious Consumer Spending Outlook Clouds Third Quarter Earnings
“Our advantageous model and strong value proposition continue to resonate with our members. During the third quarter, we reported accelerated membership growth, solid traffic gains and continued increases in market share,” said CEO Bob Eddy. “These gains continue to reinforce the underlying strength of our business and we remain confident in the prospects. long-term growth. of our company”.
BJ shares fell 4.6% in premarket trading immediately following the earnings release, indicating an opening price of $64.50 each, a move that would take them into negative territory during the anus.
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