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11/17/2022

BJ's Wholesale Q3 Sales, Net Income Rise

Following a strong third quarter, the retailer raises its guidance for the remainder of 2022.
Greg Sleter
Associate Publisher/Executive Editor
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BJ's Wholesale Club

Third quarter sales at BJ’s Wholesale Club increased as the company continued to expand its presence beyond its traditional base of operations on the east coast with the opening of new stores in the central part of the U.S.

Net sales for the 13-week period ended Oct. 29 were $4.7 billion, an increase of 12.3% percent in the comparable quarter the previous year. Membership fee income was up 8.7%. Net income for the quarter was $129.9 million, up 2.7% from the third quarter of 2021. Total comparable club sales increased by 9.7% in the quarter, and were up 5.3% when excluding the impact of gasoline sales. 

“Our consistent focus on delivering value to our members at a time when they need it most will bolster our business for the future,” said Bob Eddy, president and chief executive officer, BJ’s Wholesale Club. “Our member base is growing in both size and quality. We are improving our merchandising to deliver amazing value. We are offering more convenience for our members through a great digital experience.”

Throughout the first three quarters of 2022, BJ’s has opened stores in Indiana, Ohio, New Jersey, Virginia. The retailer now operates 233 locations in 18 states.

Additionally, the company raised its guidance for the remainder of its fiscal year, forecasting comparable store sales (exclusive of gasoline) to grow between 5% and 5.5%.

“We are optimistic about the outlook on our business given the sustained strength in our grocery business and our gains in market share,” said Laura Felice, executive vice president, chief financial officer, with BJ's Wholesale Club. “We also now expect fiscal year 2022 earnings per share to be in the $3.70 to $3.80 range. We remain confident that the strength of our core business and our intense focus on delivering value will continue to drive long-term growth.”