BJ's Wholesale Club announces new buyback after earnings beat
BJ's Wholesale Club Holdings Inc. BJ, -2.60% posted stronger-than-expected earnings for its third quarter on Thursday and said its board has approved a share buyback program of up to $500 million. The Westborough, Mass.-based wholesaler posted net income of $126.5 million, or 92 cents a share, for the quarter, up from $122.8 million, or 88 cents a share, in the year-earlier period. Adjusted per-share earnings came to 91 cents, well ahead of the 81 cent FactSet consensus. Revenue rose to $4.
"Our business accelerated during Q3 on broad based strength, and we saw growth in all of our divisions, with acceleration in traffic and ticket, growth in digitally-enabled sales and conventional sales, all underpinned by strong membership statistics in both new and tenured members," Chief Executive Bob Eddy said in a statement. Same-store sales rose 13.1% to beat the FactSet consensus for a 1.7% decline.
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