Membership Growth Drives Q3 BJ's Wholesale Club Revenue

Third quarter sales at BJ’s Wholesale Club were up more than 3% as the retailer reported strong gains in comparable store sales along with a boost in membership fee income.

For the quarter ending November 2, total revenue was $5.1 billion, up 3.5% from total revenue of $4.9 billion in the comparable quarter the previous year. Net sales were up 3.4% and membership fee income was up 8.4%. Net income increased to $155.7 million in the third quarter of fiscal 2024 compared to $130.5 million in the third quarter of fiscal 2023. 

Comparable club sales were up 1.5% and excluding the impact of gasoline sales, comparable sales grew 3.8%

“Our third quarter results demonstrate the combination of great value and strong execution,” said Bob Eddy, chairman and CEO of BJ’s Wholesale Club. “We delivered robust membership growth and hit a milestone of 7.5 million members. Our value proposition continues to resonate in new and existing markets. I want to thank our team members for their commitment to our purpose of ‘taking care of the families who depend on us’. We are excited about our future.”

For the nine months ending November 2, total revenue was $15.2 billion, an increase of 4.2% over the first nine months of the previous fiscal year. Net income was up 9% to $411.8 million. Comparable store sales for the first nine months, excluding gasoline, were up 2.3%.

Looking toward the fourth quarter, BJ’s Wholesale officials are forecasting comparable club sales growth of between 2.5% and 3%, excluding gasoline sales, with adjusted earnings per share ranging from $0.78 to $0.88.

“As we look ahead, we remain confident in our ability to drive long-term growth and shareholder value led by our continued focus on our strategic priorities,” said Laura Felice, executive vice president and chief financial officer of BJ's Wholesale Club.