BJ’s Wholesale Club (NYSE: BJ) reported its second quarter financial results before the opening bell on Thursday. The wholesale retailer reported better-than-expected results and affirmed its guidance, sending shares soaring by 12.7% at the open.
For the second quarter, BJ’s reported earnings of USD 0.39 per share on revenue of USD 3.35 Billion. FactSet analysts expected earnings of USD 0.37 per share on revenue of USD 3.39 Billion.
BJ’s unexpectedly reported income from continuing operations of USD 54.3 Million compared to a loss of USD 5.5 Million last year.
Overall, revenue increased marginally by 1.1%. Membership fee income rose by 6% to USD 74.69 Million at the end of the quarter.
Comparable club sales for the quarter increased by 1.6% compared to the same quarter a year prior, matching FactSet’s estimates.
“Second quarter results for sales and earnings were in line with our expectations,” said Christopher J. Baldwin, Chairman and Chief Executive Officer, BJ’s Wholesale Club. “We delivered improved margins and continued to grow earnings as we executed against our strategic priorities. Our sales were particularly strong in the second half of the quarter as weather improved, and we ended with strong momentum. We are confident that we will deliver on our full-year expectations as we continue to transform BJ’s Wholesale Club.”
As for the remainder of fiscal 2020, BJ’s is expecting earnings between USD 1.42 to USD 1.50 per share on revenue of USD 12.9 Billion to USD 13.2 Billion.
Following the unexpected quarterly profit, BJ’s shares have now increased by 14.7% this year.
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