Costco – BJ’s Wholesale Membership Off After Stronger-Than-Anticipated Earnings
Shares of BJ’s Wholesale Membership (BJ) – Get Report fell Thursday after its stronger-than-expected earnings report, as traders took earnings on latest positive aspects by the membership warehouse retailer.
Within the fiscal third quarter ended Oct. 31, revenue jumped to $122.eight million, or 88 cents a share, from $55.1 million, or 40 cents a share, within the year-earlier quarter.
Adjusted earnings per share greater than doubled to 92 cents from 41 cents, topping the FactSet consensus analyst estimate of 65 cents.
BJ’s reported income of $3.73 billion, up 16% from a yr earlier and greater than the FactSet analyst consensus of $3.67 billion.
Identical-store gross sales surged 18.5%, topping the forecast of a 15.5% achieve.
Gross margin excluding gasoline gross sales and membership-fee income widened 0.1 share level.
BJ’s has benefited from heavy client purchasing for staples throughout the coronavirus pandemic.
Its shares just lately traded at $40.74, down 5.3%. The stock climbed 14% from Nov. 9 by Wednesday and has skyrocketed 89% yr thus far.
The third quarter noticed “sturdy comp progress, important market share positive aspects and file profitability,” Chief Government Lee Delaney mentioned in an announcement.
“As we glance forward, we’re assured our enterprise will proceed to thrive given the structural shift in client habits, our market-share positive aspects and our strategic investments in digital capabilities, membership, assortment, advertising and marketing and geographic enlargement.”
The particular dividend, Costco‘s fourth in eight years, is payable Dec. 11 to holders of file Dec. 2.
Costco mentioned it will fund the $4.Four billion whole payout with cash readily available.
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