BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) saw its shares stumble out of the gate Thursday, on third-quarter financial numbers.
The company, out of Westborough, Mass., reported net sales increased 0.1% to $3.2 billion, compared to the third quarter of fiscal 2018.
Comparable club sales excluding gasoline sales increased 1.1% for the third quarter of fiscal 2019, compared to the third quarter of fiscal 2018.
Income from continuing operations of $55.2 million, compared to income from continuing operations of $54.6 million in the third quarter of fiscal 2018.
Gross profit increased to $617.6 million in the third quarter of fiscal 2019 from $592.1 million in the third quarter of fiscal 2018.
Adjusted EBITDA increased 3.8% to $154.1 million, compared to the third quarter of fiscal 2018.
Net income was $55.1 million, or $0.40 per diluted share, and adjusted net income was $56.6 million, or $0.41 per diluted share, for the third quarter of fiscal 2019.
CEO Christopher Baldwin said, "We delivered solid margin improvement and continued earnings growth in the third quarter.
:We remain focused on executing against our strategic plan and transforming our business to be well positioned for the long-term. The board's decision to authorize a stock repurchase program reflects the strength of our cash flow and confidence in our growth strategy and long-term outlook."
On Wednesday, the Board of Directors approved a stock repurchase program, effective immediately. The authorization allows the Company to repurchase up to $250.0 million of its outstanding common stock.
Shares in the company lost $2.06, or 7.9%, to $23.87.
