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The membership-only warehouse club chain topped EPS estimates, coming in at $0.97, $0.07 better than the consensus of $0.90.
However, the membership-only warehouse club chain’s revenue for the quarter came in at $4.96 billion, down 2.7% year-on-year and below the consensus estimate of $5.18 billion. However,
Total comparable club sales decreased by 5.3% in the second quarter. However, comparable club sales, excluding gasoline sales, rose by 1.1% year-over-year. The company’s membership fee income increased by 5% year-over-year to $103.7M.
BJ’s shares are down around 2.85% premarket, trading below the $68 per share mark.
“Our strong performance in the second quarter reflects our continued gains in membership, traffic and market share, driven by the great value that we provide our members every day,” said Bob Eddy, chairman and chief executive officer of BJ’s Wholesale Club. “We continue to balance gross margins with investments in value and in growing the size and quality of our membership with an eye toward the future.”
Looking ahead, BJ’s sees FY2024 earnings between $3.80 and $3.92 per share versus the consensus of $3.87 per share.
