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Top line likely solid at Sam’s Club in 2Q

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Little reason to believe Sam’s Club won’t easily meet or possibly exceed second-quarter same-store guidance that calls for an increase of 3% to 5%, following reports this week from Costco and BJ’s Wholesale club. Sam’s results correlate closely to its warehouse club rivals, and they both reported solid gains even after excluding the distorting effect of higher year-over-year gas prices.

July comps increased 3% at Costco’s U.S. clubs excluding gas and despite the fact that the company’s clubs were closed for the July 4 holiday, which the company said had a 3.5% impact. Sam’s Clubs were open on July 4. If gasoline sales are included in Costco’s U.S. results the comp figure was 6%. Costco ended July with 428 U.S. Clubs.

Same-store sales at BJ’s 190 clubs increased 5.4%, or 9.2% if gasoline sales are included.

July 31 marked the end of BJ’s second quarter and the company said comps for the period increase 4%, or 7.8% if gas is included. Costco’s fourth quarter draws to a close on Aug. 28.

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