BJ's Wholesale Revenue Grows In Q1
Growth in store traffic, unit volumes, and membership were cited as key factors in the first quarter revenue growth at BJ’s Wholesale Club.
For the 13 weeks ended May 4, total revenue increased 4.1% to $4.9 billion. Net sales in the quarter increased 4% and membership fee income was up 8.6%. Excluding the impact of gasoline sales, comparable club sales increased by 0.6% in the first quarter of fiscal 2024 compared to the same period in fiscal 2023.
Net income decreased to $111 million in the first quarter of fiscal 2024 compared to $116.1 million in the first quarter of fiscal 2023. Adjusted earnings per share were $0.85, flat year-over-year.
“Our merchandising improvements and digital conveniences, grounded in delivering compelling value, are resonating with our members,” said Bob Eddy, chairman and chief executive officer at BJ’s Wholesale Club. “We are also growing our footprint and remain on track for 12 new club openings this year.”
Laura Felice, executive vice president and chief financial officer of BJ's Wholesale Club, said the company’s outlook for fiscal 2024 remains unchanged.
“As we look ahead to the rest of the year, we remain confident in our ability to maintain our strength in traffic, unit volumes, and market share led by our continued focus on delivering value to our members and executing our strategic priorities,” she said.
