MARLBOROUGH, MA - BJ’s Wholesale Club seems to be growing in popularity with shoppers. In the retailer’s first quarter fiscal 2024 results for the 13 weeks ended May 4, 2024, it reported that membership fee income has increased by 8.6 percent year-over-year to $111.4 million.
“During the first quarter, we delivered strong increases in membership, traffic, and unit volumes. This resulted in revenue growth and market share gains in our clubs and at our gas stations. Our merchandising improvements and digital conveniences, grounded in delivering compelling value, are resonating with our members. We are also growing our footprint and remain on track for 12 new club openings this year,” said Bob Eddy, Chairman and Chief Executive Officer. “I am proud of our team members for their continued dedication to our purpose of ‘taking care of the families who depend on us’. We remain confident in the long-term growth prospects of our company.”
According to a press release, other highlights from the report include:
- Comparable club sales increased by 1.6 percent year-over-year
- Comparable club sales, excluding gasoline sales, increased by 0.6 percent year-over-year led by strong traffic and unit growth
- Digitally enabled comparable sales growth was 21 percent year-over-year
- The company opened one new club and one new gas station
Laura Felice, Executive Vice President and Chief Financial Officer, shared some forward-looking statements.
“As we look ahead to the rest of the year, we remain confident in our ability to maintain our strength in traffic, unit volumes, and market share led by our continued focus on delivering value to our members and executing on our strategic priorities,” said Felice. “Our outlook remains unchanged for fiscal 2024.”
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