MARLBOROUGH, MA - BJ’s Wholesale Club Holding recently announced its financial results for the 13 weeks and 39 weeks ended November 2, 2024.
“Our third quarter results demonstrate the combination of great value and strong execution. We delivered robust membership growth and hit a milestone of 7.5 million members. Our value proposition continues to resonate in new and existing markets,” said Bob Eddy, Chairman and Chief Executive Officer. “I want to thank our team members for their commitment to our purpose of ‘taking care of the families who depend on us’. We are excited about our future.”
According to a press release, additional highlights include:
- Total comparable club sales increased by 1.5 percent and 2 percent in the third quarter and first nine months of fiscal 2024, respectively, compared to the same periods in fiscal 2023. Excluding the impact of gasoline sales, comparable club sales increased by 3.8 percent and 2.3 percent in the third quarter and first nine months of fiscal 2024, respectively, compared to the same periods in fiscal 2023. The company estimates that an increase in sales, temporarily driven by a port strike and hurricanes, had a favorable impact of slightly less than one percentage point on its third-quarter comparable club sales, excluding gasoline
- Membership fee income increased to $115 million in the third quarter of fiscal 2024 from $106.1 million in the third quarter of fiscal 2023. Membership fee income increased to $339.5 million in the first nine months of fiscal 2024 from $312.3 million in the first nine months of fiscal 2023. The increase in both comparative periods was primarily driven by strength in membership acquisition, retention, and higher-tier membership penetration across both new and existing clubs
In addition to this, the company announced plans for its first membership fee increase in seven years, effective January 1, 2025. The Club membership fee will increase by $5 to $60 a year. The Club+ membership fee will increase by $10 to $120 a year. The Company also announced a new benefit for new and existing Club+ members, including BJ’s One+ Mastercard® cardholders.
Effective January 1, 2025, these members will receive two free same-day deliveries on eligible orders of $50 or more during each annual membership period. Since the last membership fee increase, the company has transformed its business with a relentless focus on delivering value to members.
For more information from the financial report, click here.
