BJ's Wholesale Club Holdings, Inc.: 1Q26: Another Price Investment Call Out

研报英文原文证据摘录

BJ's Wholesale Club Holdings, Inc.: 1Q26: Another Price Investment Call Out

Equity Research

U.S. Broadlines, Hardlines & Food Retail

22 May 2026

BJ's Wholesale Club Holdings, Inc.

1Q26: Another Price Investment

Call Out

Q1 in line with expectations with strength in fuel and gen BJ UNDERWEIGHT

merch. Stock reaction seems to reflect concerns around Unchanged

U.S. Broadlines, Hardlines &

merchandise margins, along with the broader theme of price Food Retail NEUTRAL

Unchanged

investments that seem to only be getting worse. Price Target USD 90.00

The company discussed the margin investment in Q1 being opportunistic and suggested that it Price (21-May-26) USD 94.43

would improve through 2026. That said, given relatively low comps and incremental Potential Upside/Downside -4.7%

competitive intensity, it's difficult to underwrite margin stability at this point. There are no Source: Bloomberg, Barclays Research

changes to our estimates on a full year basis, although we do modify the cadence. While Q1 EPS

came in ahead, we also lower our core merchandise margin assumption for the full year to down Market Cap (USD mn) 12058

slightly vs. our prior flat. Shares Outstanding (mn) 127.69

Free Float (%) 99.31

Comps of +1.5% were relatively in line with our expectations but remain on the lower side of 52 Wk Avg Daily Volume (mn) 2.0

peer results. Feb. trends were soft due to weather and demand pull-forward into Q4 before Dividend Yield (%) N/A

improving in March/April. Return on Equity TTM (%) 28.60

Current BVPS (USD) 16.95Our sense is that trends in May improved modestly, but comparisons ease from here. BJ guided Source: Bloomberg

comps for the rest of the year within the +2-3% range. We believe that Q2 is implied to be at the

low to mid point of that.

Price Performance Exchange-NYSE