BJ's Wholesale Adjusts FY19 Outlook; Authorizes $250 Mln Share Buyback

(RTTNews) - While reporting financial results for the third quarter on Thursday, BJ's Wholesale Club Holdings Inc. (BJ) adjusted its earnings and net sales guidance for the full-year 2019. For the third quarter, comparable club sales excluding gasoline sales increased 1.1 percent. For fiscal 2019, the company tightened its earnings guidance to a range of $1.44 to $1.48 from the prior forecast range of $1.42 to $1.50 per share. The company also now expects net sales of about $12.9 billion, compared to the prior guidance in the range of $12.90 billion to $13.20 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.49 per share on net sales of $13.28 billion for the year. Analysts' estimates typically exclude special items.

The Company's Board of Directors also approved a stock repurchase program, effective immediately. The authorization allows the Company to repurchase up to $250.0 million of its outstanding common stock. The stock repurchase program expires in January 2022.