BJ’s Q2 tops estimates as it returns to public arena
BJ’s Wholesale Club Holdings beat Street estimates for its second quarter — its first reporting period since it returned to the public market in July.
BJ’s reported a net loss of $5.6 million, or 5 cents a share, for the period ended Aug. 4, compared to net income of $19.7 million, or 22 cents a share, in the year-earlier period. Adjusted per-share earnings came to 31 cents, ahead of analysts’ estimates of 27 cents.
Total revenue rose to $3.31 billion from $3.16 billion, beating estimates of $3.27 billion. Same-store sales rose 5%, higher than expected.
"We're still in the very early stages of our transformation,” said Christopher Baldwin, CEO, BJ’s. “Our progress is accelerating as we work to attract and retain members, get them shopping and make it more convenient to shop at BJ's.”
The company raised its full-year guidance. It now expects sales to range from $12.6 billion to $12.7 billion and adjusted EPS of $1.17 to $1.24.
BJ's currently operates 215 clubs and 135 BJ's Gas locations in 16 states.