For the 13-week period ended Oct. 28, net income at BJ's Wholesale Club increased to $130.5 million.
BJ’s Wholesale Club reported a rise in sales and net income in its latest financial quarter.
The membership-based warehouse retailer reported that its net income increased to $130.5 million, with adjusted earnings per share of $0.98, for the quarter ended Oct. 28, up from $129.9 million in the year-ago period.
Net sales increased 2.8% to $4.81 billion from $4.68 billion. (Total revenue grew 2.9% to $4.925 billion). Membership fee income rose 6.6% to $106.1 million during the quarter.
Total comparable club sales increased by 0.3%. Excluding the impact of gasoline sales, comparable sales remained approximately flat, falling 0.1%.
BJ's has been entering new markets as it continues to grow its footprint in the Southeast. Earlier this month, the retailer opened its first store in Alabama, in Madison. It also continues to expand in Tennessee, where it will open its third location, in Goodlettsville, early next year.
“Our advantaged model and strong value proposition continue to resonate with our members,” said Bob Eddy, chairman and CEO at BJ’s Wholesale Club. “During the third quarter, we posted accelerating membership growth, robust traffic gains and continued increases in market share. These gains continue to reinforce the underlying strength of our business and we remain confident in the long-term growth prospects of our company.”
Looking ahead, the company said it remains confident in its ability to maintain the momentum in its traffic and market share gains due to its "unrelenting focus on value."
“We also continue to navigate shifts in consumer behavior driven by the broader macroeconomic environment,” said Laura Felice, executive VP, CFO. “As a result, we are refining our sales outlook for the rest of the year.”
BJ’s expects fourth-quarter comp club sales, excluding the impact of gasoline sales, to range from a 2% decrease to a 1% increase year-over-year and to increase by 1.0% to 1.8% for its full fiscal year. The company’s outlook for its full year adjusted earnings per share remains unchanged in the $3.80 to $3.92 range.
Headquartered in Marlborough, Mass., BJ’s currently operates 239 clubs and 169 BJ's Gas locations in 20 states.