Why BJ's Wholesale Stock Was Down This Week
BJ's Wholesale Club (NYSE: BJ) shareholders lost ground to the market this week. Their stock was down 11% through Thursday trading, according to data provided by S&P Global Market Intelligence. That's compared to a 1% drop in the S 500. The warehouse retailer's stock is now in negative territory for 2023, down 5% while the wider market is up 8%.
BJ's weekly drop came as investors digested the company's Q1 earnings update.
BJ's on Tuesday revealed that comparable-store sales growth remained in solidly positive territory in the selling period that ran through late April. Comps were up 6%, putting it ahead of peer Costco Wholesale but behind 's Sam's Club. The growth reflected higher customer traffic and market share gains in the ultra-competitive retailing industry. That success "demonstrate[ed] the power of our business model and the warehouse club channel," CEO Bob Eddy said in a press release.
Source Fool.com
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