
BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) has announced its financial results for the thirteen weeks and twenty-six weeks ending August 3, 2024.
Bob Eddy, Chairman and Chief Executive Officer of BJ’s Wholesale Club, stated, “Our second quarter was marked by robust membership growth, accelerating traffic, and a fast-expanding digital business, leading to a strong quarter overall. This marks our tenth consecutive quarter of traffic growth. We are seeing healthy membership expansion across both existing and new clubs, and our value proposition continues to resonate with our members. These results reflect significant progress on our long-term strategic goals. I am proud of our team’s dedication to our mission of ‘taking care of the families who depend on us,’ and we are committed to investing in our long-term success.”
Financial Highlights for the Thirteen and Twenty-six Weeks Ended August 3, 2024:
Thirteen Weeks Ended August 3, 2024 vs. July 29, 2023
- Net Sales: $5,092.3 million, up 4.8%
- Membership Fee Income: $113.1 million, up 9.1%
- Total Revenues: $5,205.4 million, up 4.9%
- Operating Income: $203.7 million, up 1.7%
- Income from Continuing Operations: $145.0 million, up 10.4%
- Adjusted EBITDA: $281.3 million, up 4.9%
- Net Income: $145.0 million, up 10.4%
- EPS: $1.08, up 11.3%
Twenty-six Weeks Ended August 3, 2024 vs. July 29, 2023
- Net Sales: $9,899.4 million, up 4.4%
- Membership Fee Income: $224.5 million, up 8.9%
- Total Revenues: $10,123.9 million, up 4.5%
- Operating Income: $364.4 million, down 5.8%
- Income from Continuing Operations: $256.0 million, up 3.5%
- Adjusted EBITDA: $517.7 million, down 0.4%
- Net Income: $256.0 million, up 3.5%
- EPS: $1.91, up 4.4%
Additional Highlights:
- Comparable club sales increased by 3.1% for the second quarter and 2.4% for the first six months of fiscal 2024. Excluding gasoline sales, comparable sales increased by 2.4% and 1.5%, respectively.
- Gross profit rose to $956.6 million in Q2 2024 from $896.8 million in Q2 2023. Merchandise gross margin rate increased by 10 basis points.
- SG&A expenses increased due to higher labor and occupancy costs from new openings and strategic investments.
- Income from continuing operations before income taxes increased to $190.9 million in Q2 2024 but decreased for the first six months.
- Income tax expense decreased, reflecting higher tax benefits from stock-based compensation.
- Share repurchases totaled $40.4 million in Q2 2024, with $118.7 million remaining under the share repurchase program.
Outlook for Fiscal 2024:
Laura Felice, Executive Vice President and Chief Financial Officer, stated, “We remain confident in our ability to drive long-term growth and shareholder value. We expect comparable club sales to increase 1% to 2% year-over-year, with traffic and unit growth potentially pushing us toward the higher end of this range. We anticipate our fiscal 2024 adjusted EPS will range from $3.75 to $4.00.”
Conference Call Details:
BJ’s Wholesale Club will host a conference call today, August 22, 2024, at 8:30 A.M. Eastern Time. The live audio webcast will be available under the “Events & Presentations” section of the Company’s investor relations website at https://investors.bjs.com. Participants may also dial (833) 470-1428 (U.S.) or +1 (929) 526-1599 (international) and reference conference ID 760119.
About BJ’s Wholesale Club Holdings, Inc.:
BJ’s Wholesale Club Holdings, Inc. is a leading membership warehouse club operator, offering a wide range of products including fresh foods, household essentials, and more. Founded in 1984, BJ’s operates 244 clubs and 178 BJ’s Gas® locations in 20 states. For more information, visit www.bjs.com.
Forward-Looking Statements:
This press release contains forward-looking statements regarding future operations and financial performance. These statements are based on current expectations and involve risks and uncertainties. Factors that may cause actual results to differ include economic conditions, competition, and other factors detailed in our Form 10-K and subsequent SEC filings, available at www.sec.gov.