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What were the key takeaways from BJ's Wholesale Club's earnings call?

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- **Revenue Growth**: 1.8% merchandise comp, 5.5% 2-year stack, fueled by perishables and 30% digital sales growth.
- **Strategic Initiatives**: AI shopping assistant, 10% team discount, and 14 new clubs opened in 2025.
- **Financial Performance**: Adjusted EPS $1.16, EBITDA $301.4 million, with $866 million remaining for buybacks.
- **Guidance**: 2-3% comp growth, cautious on GM due to inventory constraints.
- **Expansion Success**: New clubs outperforming by 25%, with 25-30 openings planned by 2026.

**【CEO Summary Section】**
 BJ's Wholesale Club reported strong Q3 2025 results, marking the 12th consecutive quarter of market share growth and 15th consecutive quarter of traffic growth. Key highlights include:
- **Merchandise Comparable Sales**: 1.8% year-over-year (YoY) growth, with a 5.5% 2-year stack (normalized for 2024 disruptions). Perishables and general merchandise divisions each grew 1.8%.
- **Digital Growth**: 30% YoY increase in digitally enabled sales, driven by BOPIC, same-day delivery, and ExpressPay.
- **Membership Expansion**: Membership fee income rose 9.8% YoY, with higher-tier membership penetration up 50 basis points sequentially. 14 new clubs opened in 2025, with plans for 25-30 by 2026.
- **Value Initiatives**: Reduced delivery fees, 10% team member discount, and owned brands priced 30% below national brands.

**【CFO Financial Commentary】**
- **Revenue**: Net sales of $5.2 billion (+4.8% YoY), with adjusted EPS of $1.16 (-2% YoY due to a legal settlement, +8% normalized).
- **Margins**: Merchandise gross margin flat YoY; SG&A as a percentage of sales slightly deleveraged.
- **Inventory Management**: Total inventory down 1.5% YoY, in-stock levels up 90 basis points.
- **Balance Sheet**: EBITDA of $301.4 million (-2% YoY); share buybacks of $87.3 million in Q3.
- **Guidance**: Full-year merchandise comp sales 2-3%, adjusted EPS $4.30-4.40.

**【Q&A Highlights】**
- **Consumer Behavior**: Low-income members showed resilience, with stable purchasing habits despite economic challenges.
- **Inventory Strategy**: Tight GM inventory to control costs, impacting short-term sales but supporting long-term value.
- **Fresh 2.0 Success**: Perishables growth driven by investments, with plans to expand into meat and seafood.
- **AI Innovation**: Beta launch of AI shopping assistant and Tally robot efficiency improvements.
- **Market Expansion**: New clubs in Texas and Alabama performing 25% ahead of plan, with strong community engagement.


BJ's Wholesale Club Holdings, Inc. (BJ) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BJ

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