BJ's Wholesale Club 1Q26 Earnings First Take

BJ's Wholesale Club reported a 1Q26 earnings beat with adj. EPS of $1.10, despite same-store sales growth of 1.5% falling short of estimates. The company reiterated its FY26 guidance and saw strong membership income growth.

Key Takeaways

• 1.BJ reported 1Q26 adjusted EPS of $1.10 and EBIT of $208mn, both beating GS and consensus estimates despite a slight miss in same-store sales.
• 2.Comparable club sales (SSS ex-gas) grew 1.5%, which was lower than the expected 2.0%.
• 3.Membership Fee Income (MFI) saw strong growth of 9.9% year-over-year, reflecting a solid membership base.

Table of Contents

• Guidance
• Analysis
• Implications
• Valuation & Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• General disclosures

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