Warehouse club now has 6.5 million members
WESTBOROUGH, Mass. – BJ’s Wholesale Club Holdings Inc. today said strong membership gains drove increased sales and profits in its 2022 fiscal first quarter.
BJ’s reported membership-fee income of $96.6 million, an increase of nearly 12% from the previous year. Comparable club sales were up 4.1%. When gasoline sales are included, BJ’s comps were up 14% in the 13 weeks ended April 30.
“Our performance in the first quarter was strong, as gains in member traffic underscored the value we provide. Our business model remains more relevant than ever in the current inflationary environment,” said Bob Eddy, the company’s president and chief executive officer.
BJ’s continues to build on “transformational gains we have driven over the last two years,” Eddy said, as the company has shored up its balance sheet while making progress in the areas of membership, merchandising, digital commerce and its real estate portfolio,
“Our membership has never been stronger. We reached 6.5 million members in the first quarter, which serves as a testament to the value that we consistently deliver to our members,” Eddy said. “Our digital business remains a key competitive advantage. We’re quickly expanding our footprint and we recently closed the acquisition of our perishable distribution network, which will support our future growth efforts and drive long-term shareholder value.”
BJ’s posted a 26% increase in “digitally enabled” sales in the first quarter.
On an adjusted per-share basis, earnings increased 20.8% from the previous year.
The gains extend momentum built throughout 2021, which Eddy recently described as the most profitable year in the company’s history. BJ’s is a leading operator of membership warehouse clubs in the Eastern United States.