Club retailer BJ’s Wholesale Club has shared its results from the most recent quarter, highlighted by a large increase in total comparable clubs sales.
In Q2 ended July 30, 2022, total comparable club sales increased by 19.8% year-over-year. Comparable club sales, excluding gasoline sales, increased by 7.6% year-over-year. Digitally enabled sales saw large growth, increasing 47.0% compared to the same quarter in 2021. The retailer’s strong Q2 results follow a profitable first quarter.
“Our strong results in the second quarter were led by gains in traffic and market share as we continued to deliver tremendous value across virtually every aspect of our business,” said Bob Eddy, President and CEO of BJ’s Wholesale Club. “Our relentless focus on investing in our long-term initiatives has put us in a place to capitalize on current trends and deliver this strong performance. Our member base is growing in both quality and size. We are improving our merchandising to offer more value. We are growing our digital business, offering more convenience and optionality for our members. We are expanding our footprint into new and existing markets with success. Our business model is designed to work well in the current consumer environment where value is king and we believe we are well-positioned for growth by doing what we do best – delivering great value to our members.”
In the quarter, membership fee income increased by 11.3% year-over-year to $98.8 million. Adjusted earnings per diluted share of $1.06 reflects a 29.3% year-over-year increase.