- BJ's Wholesale Club Holdings Inc BJ reported a Q1 2023 revenue growth of 5.0% Y/Y to $4.72 billion, missing the consensus of $4.80 billion.
- Total comparable club sales increased by 2.0% Y/Y. Comparable club sales, excluding gasoline sales, increased by 5.7% Y/Y.
- Membership fee income increased by 6.1% Y/Y to $102.5 million. Digitally enabled comparable sales growth was 19.0% Y/Y.
- Gross profit rose to $880.0 million from $790.6 million a year ago. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased by 100 basis points Y/Y.
- Operating income rose 24.3% Y/Y to $186.8 million. Adjusted EBITDA of $257.0 million increased 16.4% Y/Y.
- Adjusted EPS of $0.85 was in line with the consensus.
- BJ's Wholesale Club held $23.4 million in cash and equivalents as of Apr 29, 2023.
- Operating cash flow totaled $119.1 million in the quarter.
- Repurchase: BJ repurchased shares worth $15.3 million in the quarter.
- "Our fiscal 2023 outlook on our business remains unchanged given the sustained strength in our grocery business and our gains in market share," said CFO Laura Felice.
- FY23 Outlook Reiterated: BJ's Wholesale expects FY23 EPS to remain approximately flat, including the 53rd-week benefit of low-teens cents per share.
- BJ expects FY23 comparable club sales growth, excluding the impact of gasoline sales, to be in the 4%-5% range.
- BJ sees membership fee income to increase 5% - 6% Y/Y. BJ expects merchandise margin to improve 40 basis points.
- Price Action: BJ shares are trading lower by 1.57% at $68.51 premarket on the last check Tuesday.
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