Let’s dig into the relative performance of BJ's (NYSE: BJ) and its peers as we unravel the now-completed Q1 large-format grocery & general merchandise retailer earnings season.

Big-box retailers operate large stores that sell groceries and general merchandise at highly competitive prices. Because of their scale and resulting purchasing power, these big-box retailers–with annual sales in the tens to hundreds of billions of dollars–are able to get attractive volume discounts and sell at often the lowest prices. While e-commerce is a threat, these retailers have been able to weather the storm by either providing a unique in-store shopping experience or by reinvesting their hefty profits into omnichannel investments.

The 4 large-format grocery & general merchandise retailer stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 2.7% while next quarter’s revenue guidance was 0.9% below.

While some large-format grocery & general merchandise retailer stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.8% since the latest earnings results.

BJ's (NYSE: BJ)

Appealing to the budget-conscious individual shopping for a household, BJ’s Wholesale Club (NYSE: BJ) is a membership-only retail chain that sells groceries, appliances, electronics, and household items, often in bulk quantities.

BJ's reported revenues of $5.66 billion, up 9.9% year on year. This print exceeded analysts’ expectations by 4.2%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ revenue and EPS estimates.

“We delivered a strong first quarter as our value proposition continued to resonate with members across our clubs and at our gas stations. Momentum in membership, fuel and digital sales reflects the disciplined execution of our teams and our focus on delivering value and convenience for the families who depend on us,” said Bob Eddy, Chairman and Chief Executive Officer, BJ’s Wholesale Club.

BJ's achieved the biggest analyst estimate beat of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 1.9% since reporting and currently trades at $92.64.

Is now the time to buy BJ's? Access our full analysis of the earnings results here, it’s free.

Best Q1: Target (NYSE: TGT)

With a higher focus on style and aesthetics compared to other large general merchandise retailers, Target (NYSE: TGT) serves the suburban consumer who is looking for a wide range of products under one roof.

Target reported revenues of $25.44 billion, up 6.7% year on year, outperforming analysts’ expectations by 3.4%. The business had an exceptional quarter with a solid beat of analysts’ revenue and EPS estimates.

However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $127.37.

Is now the time to buy Target? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Walmart (NASDAQ: WMT)

Known for its large-format Supercenters, Walmart (NASDAQ: WMT) is a retail pioneer that serves a budget-conscious consumer who is looking for a wide range of products under one roof.

Walmart reported revenues of $177.8 billion, up 7.3% year on year, exceeding analysts’ expectations by 1.6%. Still, it was a slower quarter as it posted full-year EPS guidance missing analysts’ expectations.

As expected, the stock is down 8.1% since the results and currently trades at $120.25.

Read our full analysis of Walmart’s results here.

Costco (NASDAQ: COST)

Designed to be a one-stop shop for the suburban consumer, Costco (NASDAQ: COST) is a membership-only retail chain that sells groceries, apparel, toys, and household items, often in bulk quantities.

Costco reported revenues of $70.53 billion, up 11.6% year on year. This number topped analysts’ expectations by 1.5%. Taking a step back, it was a mixed quarter as it also produced an impressive beat of analysts’ gross margin estimates but a miss of analysts’ EBITDA estimates.

Costco delivered the fastest revenue growth but had the weakest performance against analyst estimates among its peers. The stock is down 1.3% since reporting and currently trades at $982.28.

Read our full, actionable report on Costco here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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