BJ’s Wholesale Club Holdings Inc. (BJ) announced Thursday that net income for the third quarter grew to $130.47 million or $0.97 per share from $129.94 million or $0.95 per share in the prior-year quarter.
Excluding items, adjusted net income was $0.98 per share, compared to $0.99 per share in the year-ago quarter.
Total revenues for the quarter increased 2.9 percent to $4.92 billion from $4.79 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share on revenues of $4.90 billion for the quarter. Analysts’ estimates typically exclude special items.
Net sales grew 2.8 percent to $4.82 billion and membership fee income increased 6.6 percent to $106.05 million from last year. Digitally-enabled sales growth was 16 percent.
Total comparable club sales increased 0.3 percent. Comparable club sales, excluding the impact of gasoline sales, remained approximately flat.
Looking to fiscal 2023, the company continues to project earnings and adjusted in the range of $3.80 to $3.92 per share. The Street is looking for earnings of $3.85 per share for the year.
The company also now expects comparable club sales growth, excluding the impact of gasoline sales, to be 1.0 to 1.8 percent, down from original guidance for a 2 percent growth.
The company also now expects fourth-quarter comparable club sales growth, excluding the impact of gasoline sales, to be between down 2 percent and up 1 percent.
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