BJ’s Wholesale Club has shared its Q1 2022 financial results, showing an increase in revenue and earnings, topping expectations during the record-high inflationary period.
First covered by Store Brands’ sister publication Progressive Grocer, the retailer generated $4.5 billion in total revenue, ahead of the Wall Street consensus projection of $4.24 billion. Earnings per share (EPS) were also higher than anticipated, coming in at $0.82 versus the estimated $0.72 for a 39% bump over this time last year.
Total comparable club sales were in the black, up 14.4% on a year-over-year, while comps excluding gas rose 4.1% in the same period. The adjusted EBITA of $220.8 million was 9.1% higher this April compared to April 2021. Digitally enabled sales growth rose 26% on a year-over-year basis.
“Our performance in the first quarter was strong, as gains in member traffic underscored the value we provide. Our business model remains more relevant than ever in the current inflationary environment,” said Bob Eddy, president and CEO of BJ’s Wholesale Club, adding that the company’s membership hit 6.5 million in Q1. “Our membership stats are as strong as I've seen in my history with the company. We achieved this milestone earlier than expected, driven by a combination of strong renewals, as well as membership acquisition related to new club growth.”
Earlier this month, BJ’s debuted its new format, BJ’s Market, which offers members a smaller, more convenient store.
Headquartered in Westborough, Mass., the company currently operates 227 clubs and 159 BJ's Gas locations in 17 states, and recently became available on DoorDash.