BJ's Wholesale Club recently announced its first store in Kentucky.
Fourth quarter net sales at BJ’s Wholesale Club increased more than 8%, but the retailer reported only slight gains in comparable store sales.
For the 14-week quarter ended February 3, net sales were $5.2 billion, an increase of 8.7% over the comparable quarter the previous year. Net income grew 12.4% to $145.9 million and adjusted earnings per share grew 11% to $1.11. Excluding the impact of gasoline sales, comparable club sales increased by 0.5% in the fourth quarter.
“We ended fiscal 2023 on a strong note,” said Bob Eddy, chairman and CEO, BJ’s Wholesale Club. “Our membership grew in robust fashion and we continue to retain members at all-time high rates.”
Full year net sales increased 3.3% to $19.5 billion. Net income for the full year was $523,7 million, an increase of 2.1% year-over-year, with earnings per share up 3.2% to $3.88. Excluding the impact of gasoline sales, comparable club sales increased by 1.7% in fiscal 2023.
For fiscal year 2024, BJ’s is forecasting comparable store sales excluding the impact of gasoline sales, to increase 1% to 2%, with earnings per share growth of between $3.75 and $4.
“As we look to fiscal 2024, we continue to navigate macro-driven uncertainty in the operating environment,” said Laura Felice, executive vice president, chief financial officer, BJ’s Wholesale Club. “We remain confident that our structural operating advantages, continued focus on executing our strategic priorities, and commitment to delivering great value to our members will drive strong results for our business.”