Third-quarter results for BJ's Wholesale Club (NYSE:BJ) looked once again ho-hum to this Fool. Revenue rose 9%, but comp-store sales rose 4% and store traffic was down 3%. On the bottom line, things perked up a bit -- adjusted earnings per share rose 19%.

As has been the case for a while now, the food side of the business is doing pretty well and the merchandise side isn't. Comp sales in food were up 4%, while merchandise sales were down 4%. Though private-label food brands continue to sell well, the company is still lagging competitors such as Wal-Mart's (NYSE:WMT) Sam's Club and Motley Fool Stock Advisor recommendation Costco (NASDAQ:COST) when it comes to non-food merchandise assortments in general and private-label penetration.

I can also tell you from a firsthand perspective that the stores are still not always intelligently run. For example, all summer long the company tried to sell potted plants, but it kept them deep in the bowels of the store, away from the sun. Consequently, they were limp, sad-looking things, and I never saw a single pot in anybody's shopping cart. It's also all too common around here to see the company put out attractive coupons for products that then seem to be mysteriously out of stock. That sort of thing ticks off consumers, cheap gasoline or no.

Adding injury to insult, the company also announced that it's hiking its membership fees. While the move is probably reasonable from the company's perspective -- and it's just a $5 increase -- I can tell you that it may be the last straw for me as a customer. I'm supposed to put up with out-of-stock merchandise, mislabeled products, and wilting/rotten produce and pay more for the privilege? Although I became a BJ's customer primarily because I was rudely treated at the local Costco (unusual, given that chain's reputation), I'm certainly inclined to give the company a second chance.

Going back to the numbers, cash flow dropped as inventory growth outpaced accounts payable. Still, the company has a pretty good cash conversion cycle. So even though I'd be concerned about the inventory, I don't think it's really problematic just yet.

BJ's trades at a discount to its peers -- a discount that I used to think was a bargain until I became a shopper. Now, seeing the company's operations as both a customer and an analyst, I'm not so sure that discount isn't merited. There's certainly still the chance that the company could improve its operations and/or attract interest from a suitor. For now, though, I wouldn't add these shares to my shopping cart.

Click for more Foolishness:

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).