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Pedro Gale

Research Analyst at Morgan Stanley

Pedro Gil is an Equity Research Analyst at Morgan Stanley, specializing in the analysis of public equities for institutional clients. He covers companies such as Wayfair and is known for probing critical industry issues like demand resilience and supplier profitability. Gil began his role at Morgan Stanley in 2024, having previously worked at Eisler Capital and S.A.C. Capital Advisors LP, which demonstrates a solid track record in both buy-side and sell-side research. His professional credentials include significant prior experience at major investment firms, though specific securities licenses are not publicly listed.

Pedro Gale's questions to BJ's Wholesale Club Holdings (BJ) leadership

Question · Q3 2026

Pedro Gale, on behalf of Simeon Gutman from Morgan Stanley, inquired about BJ's Wholesale Club's digital business growth, its retail media initiatives, and the company's strategy regarding AI opportunities in e-commerce, including agentic commerce, AI shopping assistants, robotics (Tally), and automated distribution centers. He also asked about the competitive environment, merchandise margin trends, and investment priorities for next year.

Answer

Chairman and CEO Bob Eddy detailed the digital business's robust growth (30% in Q3, 61% two-year stack), emphasizing convenience and club-fulfilled sales. He highlighted the growing retail media program and the extensive use of AI, from coding efficiency to consumer-facing tools like shopping assistants and predictive lists. He specifically mentioned Tally robots for inventory accuracy, digital twins, and optimizing BOPIC pick paths (40% more efficient). He also noted the upcoming automated distribution center in Ohio. CFO Laura Felice added that Tally's data aids planning and allocation, improving in-stock levels. Bob Eddy reiterated the commitment to investing in member value, balancing margin and value, and prioritizing value for long-term business operation.

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Question · Q3 2026

Pedro Gale from Morgan Stanley inquired about BJ's Wholesale Club's digital business growth, specifically asking for an update on its retail media program and the company's strategy regarding AI opportunities in e-commerce, including agentic commerce.

Answer

Chairman and CEO Bob Eddy detailed the digital business's rapid growth (30% in Q3, 60%+ two-year stack), driven by convenience and efficient club fulfillment. He highlighted the growing retail media program and discussed AI's role in digital operations, consumer-facing tools (shopping assistants, predictive lists), and most notably, its integration with Tally robots for inventory accuracy, digital twins, operational problem-spotting, and 40% more efficient pick paths. CFO Laura Felice added that Tally data also supports improved in-stock levels.

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