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BJ’s Wholesale tops profit, revenue expectations, but stock falls to extend losing streak

Economy, Finance

BJ’s Wholesale Club Holdings Inc. reported Thursday fiscal fourth-quarter profit, revenue and same-store sales that topped expectations as the COVID-19 pandemic provided a boost, while not providing a financial outlook given uncertainties related to the pandemic, and the stock fell 1.4% in premarket trading to extend recent losses. Net income for the quarter to Jan. 30 rose to $95.9 million, or 69 cents a share, from $41.8 million, or 30 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to 70 cents from 40 cents, above the FactSet consensus of 67 cents. Total revenue rose 13.7% to $3.95 billion, just topping the FactSet consensus of $3.93 billion, as same-store sales growth of 15.9% just beat expectations of a 15.8% rise. Digitally enabled sales grew 168%. “While the unique circumstances brought on by the pandemic provided tailwinds, our industry-leading results and significant market share gains demonstrate the strength of our execution in these challenging times,” said Chief Executive Lee Delaney. The stock, which has tumbled 9.2% amid a 5-day losing streak through Wednesday, has declined 0.2% over the past three months while the S&P 500 has gained 3.3%.

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