BJ’s to open new store concept; Q4 profit tops Street

BJ’s is continuing its growth across the Eastern U.S.

The membership warehouse club retailer is opening four new clubs as part of its 2022 development plans. The stores will be located in Warwick, R.I., Lady Lake, Fla., Canton, Mich., and Greenburgh, N.Y.

The Warwick location will be a first-of-its-kind for the retailer. Called BJ’s Market, it will serve as an innovation lab for the company, allowing for the testing of new assortments, displays, product demonstrations and convenience initiatives, the company said.

“We continue to accelerate our expansion and we’re excited to open these new locations,” said Bill Werner, executive VP, strategy and development, BJ’s Wholesale Club.

In separate news, BJ’s reported that its net income rose to $107.6 million, or $0.78 a share, in the quarter ended Jan. 29, from $95.9 million, or $0.69 a share, in the year-ago period. Adjusted earnings per share of $0.80 were above analysts’ estimates of $0.75.

Net revenues rose to $4.357 billion from $3.946 in the year-ago period. Digitally-enabled sales rose 19%.

Total comparable club sales increased by 8.8%. Excluding the impact of gasoline sales, comparable club sales increased by 0.9%.

The company posted adjusted earnings per share of $0.80 reflecting a 14.3% year-over-year increase.

For the full year, BJ’s total revenues rose 10.4% to $16.667 billion, from $15.430 billion last year. Digitally-enabled sales rose 19%. 

Comparable club sales increased by 6.5% in fiscal 2021 compared to fiscal 2020, reflecting a two-year stacked comp increase of 22.4%. Excluding the impact of gasoline sales, comparable club sales decreased by 0.5% in fiscal 2021 compared to fiscal 2020, reflecting a two-year stacked comp increase of 20.8%.

“2021 was the best year in the company’s history, said Bob Eddy, president and CEO. “Our strong financial results were underpinned by continued membership base expansion, a growing digital business and significant progress on key initiatives such as our real estate pipeline. We remain focused on our strategic priorities to drive long-term growth: attracting and retaining high-quality members, delivering value, improving convenience through our digital offerings and expanding our footprint. The future of our company is bright.”

During the fourth quarter, BJs announced an agreement to acquire four distribution centers and related private transportation fleet from Burris Logistics, which is expected to bring an end-to-end perishable supply chain in-house.

[Read More: BJ’s Wholesale Club enhances supply chain with acquisition]

For fiscal 2022, the company expects sales growth in the "mid-single digit" percentage range.

BJ’s currently operates 226 clubs and 157 BJ's Gas locations in 17 states.