2025-05-22-Jefferies-BJ批发俱乐部（BJ）_第一季度业绩稳健_财年指引不变_10页_175kb

报告摘要

BJ's reported a strong Q1 performance with comp store sales growth of 3.9% (ex-gas), driven by increased traffic and membership fee income (MFI). Adj. EBITDA and EPS beat consensus estimates, supported by gross margin expansion and MFI growth (~8% Y/Y).
The company maintained its FY 2025 guidance despite macro uncertainty, with expected Q1 comps as the peak for the year.
Investment thesis emphasizes BJ's expansive target market (potential 350+ stores), profitable expansion, private-label growth, digital initiatives to attract younger customers, and value positioning against mass retailers.
Cons included SG&A deleveraging due to investments in wages and technology, potentially impacting profitability.

Q1 2025 EPS of $1.14 (adj.) beat estimated $0.92; comp store sales ex-gas grew 5.7%, with digital comps at +32%.
Gross margin expanded, aided by AI-based category management and fuel margins.
FY 2025 EPS guidance: $4.10-4.30; comp sales range: 2.0%-3.5%.

Buy rating retained with a price target of $135 (15% upside from current $117.50), based on F26E EPS of $4.79 and blended P/E/EV/EBITDA multiples.
Positive outlook on continued private-label expansion, digital adoption, and membership growth in key categories like consumables and grocery.

Competition, weakening membership renewal, macro uncertainty, and challenges in meeting store growth targets.
Potential margin compression if costs rise or consumer demand shifts.

Recent store openings (including first Staten Island location) performed well, with plans to open 25-30 new clubs over the next two years.
Digital channel growth (+35% comps) and energy efficiency initiatives are sustainability-focused highlights.

This summary captures the key elements of the BJ's Wholesale Club research report, focusing on performance, risks, and investment rationale.

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