Shares of BJ’s Wholesale Club Holdings Inc. BJ dropped 3.5% toward a two-month low in premarket trading Friday, after the membership-based warehouse retailer topped fiscal third-quarter earnings expectations but missed on same-store sales and provided a downbeat outlook. Net income for the quarter to Oct. 28 rose to $130.5 million, or 97 cents a share, from $129.9 million, or 95 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share slipped to 98 cents from 99 cents but beat the FactSet consensus of 95 cents. Total revenue grew 2.9% to $4.925 billion, to top the FactSet consensus of $4.899 billion, while same-store sales declined 0.1% to miss expectations of a 1.0% rise. For fiscal 2023, the company reiterated its adjusted EPS guidance range of $3.80 to $3.92, but cut its guidance range for same-store sales growth to a 2% decrease to 1% increase from growth of approximately 2%. BJ’s stock has slipped 1.4% over the past three months through Thursday, while shares of rival Costco Wholesale Corp. COST have gained 5.8% and the S&P 500 SPX has tacked on 3.2%.

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