실적분석 2026년 8월 21일

BJ's Wholesale Club Holdings ($BJ) FY2026 Q2 Earnings Analysis — Revenue and EPS Top Expectations, Full-Year Guidance Raised

Earnings Scorecard

Revenue: $6.227 billion (+15.7% year-over-year, vs. $5.925 billion estimate) ✅ Beat

EPS (Earnings Per Share): Adjusted $1.36 (vs. $1.16 estimate) ✅ Beat

Guidance: Raised — FY2026 adjusted EPS $4.60–$4.80 (ex-fuel comparable-club sales +2.0–3.0% maintained)

Stock Reaction: After-hours -0.07% ($91.23) — as of 08-21 20:45 KST

What Went Well

Comparable-club sales: +11.9% year-over-year (+3.1% ex-fuel)

Membership and fees: 8.5 million members (all-time high), membership fee revenue $135.6 million (+9.9%)

Full-year outlook: Adjusted EPS guidance raised to $4.60–$4.80

It was a quarter in which both club visits and member sign-ups carried the warehouse-membership model. Comparable-club digital sales also rose about 30% year-over-year, reinforcing the trend of online and app orders serving as a growth engine.

What Fell Short

Merchandise margin: Total merchandise margin (ex-fuel and ex-membership fees) edged down roughly 0.2 percentage points year-over-year

SG&A: Rose to $851 million — driven by new club and gas-station openings and depreciation costs

Growth mix: Total comparable-club sales of +11.9% versus only +3.1% ex-fuel — a wide gap

Pricing investments and tariff reimbursements pulled merchandise margin in opposite directions, and a meaningful share of the headline growth relied on fuel sales. With costs front-loaded by new-store expansion, the pace of core-margin recovery is the key watch-item for the back half of the year.

What Management Said

Management highlighted that revenue and profitability both topped expectations, emphasizing member growth and the value proposition. While raising the full-year adjusted EPS outlook, the company kept its ex-fuel comparable-club sales guidance unchanged. The market appeared to focus less on the raise itself and more on the gap versus already-priced-in expectations.

Market Reaction and What to Watch Next

Strong results and a raised full-year EPS outlook appear to have already been priced in, leaving limited room for additional buying.

Confirm that ex-fuel comparable-club sales hold within the +2.0–3.0% full-year guidance range

Track whether member count and fee-revenue growth continue alongside new-store expansion

Check whether merchandise margin, compressed by pricing investments, recovers in the second half