BJ’s Wholesale Drops 3 percent Despite Q3 Beat

BJ’s Wholesale Club (NYSE:BJ) announced its third-quarter earnings, revealing a mixed financial performance. The company’s adjusted earnings per share (EPS) for the quarter was 98 cents, which is a slight decrease from last year’s 99 cents but still higher than the anticipated 95 cents. Revenue for the quarter was reported at $4.92 billion, a nearly 3% year-over-year increase, aligning with analyst consensus.
Despite these seemingly positive results, BJ’s Wholesale Club’s stock saw more than a 3% drop intra-day today. The company reported membership fees of $106.1 million, surpassing the expected $104.8 million. Additionally, the company’s inventories were up by 10% year-over-year, standing at $1.66 billion.
However, BJ’s did not raise its profit outlook for the future, possibly contributing to the stock’s decline. The company provided guidance for the upcoming period, expecting comparable club sales, excluding gasoline sales, to range between a 2% decrease and a 1% increase year-over-year. For the entire fiscal year of 2023, BJ’s anticipates a rise in comparable club sales, excluding the impact of gasoline sales, from 1.0% to 1.8%.

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