BJ’s Wholesale Club Holdings, Inc. Announces Third Quarter Fiscal 2024 Results and Raises Guidance

BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) announced its financial results for the third quarter of fiscal 2024, showcasing a positive performance with an increase in comparable club sales and earnings. The company highlighted several key achievements, including a growth in membership fee income and a milestone of reaching 7.5 million members.

For the thirteen weeks ended November 2, 2024, BJ’s reported a 1.5% year-over-year increase in comparable club sales. Excluding gasoline sales, this growth was at a healthier 3.8%, driven by strong traffic and digitally enabled sales growth. Additionally, membership fee income rose by 8.4% to $115.0 million. Earnings per diluted share were reported at $1.17, with adjusted earnings per diluted share at $1.18.

Throughout the third quarter, the company opened three new clubs and four new gas stations. BJ’s also announced plans for a membership fee increase effective January 1, 2025 – raising the Club membership fee to $60 annually and the Club+ membership fee to $120 annually. Existing Club+ members, including BJ’s One+ Mastercard holders, will receive two free same-day deliveries on eligible orders over $50 during each membership period.

Furthermore, BJ’s Wholesale Club’s gross profit for the third quarter increased to $975.5 million, with improvements in merchandise gross margin rate, reflecting continued long-term initiatives and cost management enhancements. Adjusted EBITDA saw a notable 13.5% increase to $308.3 million.

The company also disclosed its existing share repurchase activities, with plans to repurchase up to $1.0 billion of its outstanding common stock under a newly approved share repurchase program that will expire in January 2029.

Looking ahead, BJ’s Wholesale Club remains confident in its growth prospects for the remainder of fiscal 2024. The company anticipates comparable club sales (excluding gasoline sales) to increase by 2.5% to 3.0% year-over-year in the fourth quarter, with full-year growth expected to land between 2.3% and 2.4%.

The conference call to discuss the financial results for the third quarter of fiscal 2024 is scheduled to take place on November 21, 2024, at 8:30 A.M. Eastern Time.

In closing, BJ’s Wholesale Club Holdings, Inc. continues to demonstrate strong performance and growth initiatives in the competitive retail market segment.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BJ’s Wholesale Club’s 8K filing here.

About BJ’s Wholesale Club

BJ's Wholesale Club Holdings, Inc, together with its subsidiaries, operates warehouse clubs on the eastern half of the United States. It provides groceries, general merchandise, gasoline and other ancillary services, coupon books, and promotions. The company sells its products through the websites BJs.com, BerkleyJensen.com, and Wellsleyfarms.com, as well as the mobile app.