BJ's Wholesale Q2 Results Top Estimates; Reaffirms FY24 Outlook
(RTTNews) - Retailer BJ's Wholesale Club Holdings, Inc. (BJ) announced Thursday that net income for the second quarter grew to $144.99 million or $1.08 per share from $131.33 million or $0.97 per share in the prior-year quarter.
Excluding items, adjusted net income was $146.33 million or $1.09 per share, compared to $133.50 million or $0.99 per share in the year-ago quarter.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 4.9 percent to $5.21 billion from $4.96 billion in the same quarter last year. Analysts expected revenues of $5.15 billion for the quarter.
Net sales grew 4.8 percent to $5.09 billion and membership fee income increased 9.1 percent to $113.12 million from last year.
Total comparable club sales increased 3.1 percent, while comparable club sales, excluding the impact of gasoline sales, were up 2.4 percent.
Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $3.75 to $4.00 per share on comparable club sales, excluding the impact of gasoline sales, growth of 1 to 2 percent.
The Street is looking for earnings of $3.93 per share on revenues of $20.52 billion for the year.
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