BJs Wholesale Earnings Beat Sends BJ Stock Soaring After Hours

BJs Wholesale (NYSE:BJ) released its quarterly earnings results late in the day Tuesday, posting a profit that came in ahead of what analysts were calling for, which sent BJ stock soaring after the bell.

BJ Stock
Source: Shutterstock

The warehouse club chain said that for its third quarter of the fiscal year, it brought in net income of $54.4 million, or 39 cents per share. The figure came in at $53.8 million, or 39 cents per share on an adjusted basis, marking a 53.1% gain over the third quarter of its fiscal 2017.

The figure was stronger than the Wall Street consensus estimate of 34 cents per share that analysts were projecting BJs Wholesale to bring in. Revenue for the period tallied up to $3.15 billion, which marked a 4.3% surge compared to its year-ago quarterly results.

The Wall Street consensus estimate was calling the warehouse club chain operator to rake in revenue of $3.17 billion. BJs Wholesale added that its comparable club sales for the period were up by 1.9% year-over-year when excluding gasoline sales.

“We continue to execute against our strategic priorities and have now delivered eleven consecutive quarters of improved profitability and five quarters of positive comp sales,” said Christopher J. Baldwin, Chairman and CEO, BJ’s Wholesale Club.

BJ stock is soaring more than 6.6% after the bell as the company’s quarterly earnings results impressed by beating Wall Street estimates. Shares had been sliding 1.2% during regular trading hours in anticipation of the company’s earnings results on the day.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC