BJ's Wholesale Club reported profit and sales that topped analyst expectations amid surging online sales and a spike in new members during the pandemic.
The membership-based warehouse retailer reported that its total revenue increased 20.8% to $3.80 billion for the quarter ended May 2, above estimates of $3.32 billion, as net sales rose 21.1% and membership fee income increased 8.4%.
Same-store sales soared 27%, excluding gasoline sales. Digital sales skyrocketed 350%. Membership fee income increased 8.4% to $79.6 million.
Net income rose to $95.7 million, or $0.69 a share, from $35.8 million, or 25 cents a share, from the year-ago period. Adjusted earnings per share came to 69 cents, crushing analyst forecasts of $0.36 cents.
“While the coronavirus pandemic increased demand for our services, our team's hard work and the capabilities we have built over the last four years have enabled us to thrive and deliver very strong merchandise comparable sales,” said Lee Delaney, president CEO, BJ’s Wholesale Club. "Furthermore, we drove earnings and cash flow growth and invested in our team members and our business. These efforts will allow us to continue to build on this momentum and position ourselves for success over the long-term."
BJ’s currently operates 218 clubs and 146 BJ's Gas locations in 17 states.