BJ’s Wholesale Club earnings topped Wall Street estimates in the second quarter, but revenues fell short despite ongoing growth in memberships.
Income from continuing operations was $131.3 million, or 97 cents per diluted share, versus $141 million in the year-before quarter, or $1.03 per diluted share. Adjusted for one-time events, net income was $131.2 million, or 97 cents per diluted share, versus $144.3 million, or $1.06 per diluted share, in the year-earlier period, the company stated.
Analysts polled by Yahoo Finance on average expected income from adjusted diluted share to come in at 89 cents and revenues to come in at $5.16 billion.
Comparable club sales, excluding gasoline sales, increased by 1.1% year-over-year.
Net sales were $4.86 billion while total revenues including membership fees were $4.96 billion versus $5.01 billion and $5.1 billion in the fiscal year-previous quarter. Operating income was $200.3 million versus $202.9 million in the year-prior period. Membership fee income increased by 5% year-over-year to $103.7 million.
“Our strong performance in the second quarter reflects our continued gains in membership, traffic and market share, driven by the great value that we provide our members every day,” said Bob Eddy, BJ’s Wholesale Club chairman and CEO. “We continue to balance gross margins with investments in value and in growing the size and quality of our membership with an eye toward the future.”
