The company opened three locations during the quarter, including its first Indiana club. Its newest location, in Wayne, N.J., opens on November 18, giving it a total of 234 clubs in 18 states. It will be the retailer’s 24th location in New Jersey.
“Our consistent focus on delivering value to our members at a time when they need it most will bolster our business for the future,” said Bob Eddy, president and CEO, BJ’s Wholesale Club. “Our member base is growing in both size and quality. We are improving our merchandising to deliver amazing value. We are offering more convenience for our members through a great digital experience. We are expanding our footprint into new and existing markets.”
BJ’s noted that, while it expects continued merchandise margin rate pressure, it was raising its fiscal 2022 earnings guidance range to $3.70 to $3.80 per share from $3.50 to $3.60. It expects same-store sales growth of 5.0% to 5.5%, compared with Street estimates for 4.8% growth.
“We are optimistic about the outlook on our business given the sustained strength in our grocery business and our gains in market share,” said Laura Felice, executive VP, CFO, BJ's Wholesale Club. “We remain confident that the strength of our core business and our intense focus on delivering value will continue to drive long-term growth.”
[Read More: BJ’s opens new headquarters]