MARLBOROUGH, MA - BJ’s Wholesale Club reported its second quarter financial results earlier this year, noting strong momentum across its operations.
“Our second quarter was marked by robust membership, accelerating traffic and unit growth, and a fast-tracking digital business, which led to strong performance in the quarter. This was our 10th consecutive quarter of traffic growth. We are driving healthy membership expansion across both existing and new clubs. Our compelling value proposition is resonating with our members and we believe our results demonstrate the meaningful progress we are making on our long term strategic initiatives,” said Bob Eddy, Chairman and Chief Executive Officer.
Additional highlights include:
- Comparable club sales increased by 3.1 percent year-over-year
- Comparable club sales, excluding gasoline sales, increased by 2.4 percent year-over-year
- Digitally enabled comparable sales growth was 22 percent year-over-year
- Membership fee income increased by 9.1 percent year-over-year to $113.1 million
Just this morning, J.P. Morgan upgraded BJ’s Wholesale Club to a Neutral rating after having previously set the retailer at Underweight. According to Seeking Alpha, the firm expects modest relation in grocery while the company is also seen benefiting from its efforts to reinvest in the business.
“I am proud of our team members for their continued dedication to our purpose of 'taking care of the families who depend on us,'” continued Eddy. “We will continue to invest in the long-term success of our company and we remain excited about our future.”
AndNowUKnow will be here with updates across grocery, so stay tuned.
