BJ's Wholesale Club Holdings, Inc. "Generally Well Merchandised?" (Buy) Carden

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BJ's Wholesale Club Holdings, Inc. "Generally Well Merchandised?" (Buy) Carden

Powered by Lab Global15 MayResearch2026ab Evidence UBS YES

BJ's Wholesale Club Holdings, Inc. Equities

AmericasGenerally Well Merchandised?

Retailers, Broadline

12-month rating Buy

We expect 1Q results to show steady progress as TX launch comes into focus

We believe BJ’s will likely show some signs of progress when it reports 1Q earnings, even 12m price target US$117.00

if the period remained a bit uneven. It should have benefitted from its work in grocery on

the back of its Fresh 2.0 initiatives, which likely became even more important to its

Price (14 May 2026) US$95.99

members as cost of living headwinds climbed. Plus, we think it took incremental market

share in fuel, as its lower prices likely stood out to customers who have been facing RIC: BJ.N BBG: BJ US

increasing pressures at the pump. Still, we think it likely experienced some bumps. BJ’s

Trading data and key metrics

maintains a higher penetration of SNAP customers relative to peers, which could have

52-wk range US$119.08-87.97

capped same store sales growth during the period. Further, its general merchandise sales

likely slowed as 1Q typically doesn’t see the kind of contribution the company saw from Market cap. US$12.6b

consumer electronics in 4Q. Finally, while BJ's likely took incremental share in fuel, we Shares o/s 131m (COM)

question whether it was able to convert as many of its gas visits into club visits as Free float 57%

consumers have become more cautious on its spend. Avg. daily volume ('000) 511

Avg. daily value (m) US$49

We're modeling 1.5% SSS (ex fuel) in 1Q, which is slightly below the

Common s/h equity (01/27E) US$2.74b

1.7% consensus. We think the buy side bar for the quarter is in the 1.5%-2.0%