Department store chain BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) has announced results for the first quarter of 2024, reporting an increase in net sales.
- Q1 earnings, on a per-share basis, dropped 2.4% to $0.83; adjusted earnings per share remained unchanged at $0.85
- Net income was $111 million in the first quarter, down 4.4% from $116.1 million reported in the year-ago quarter
- Net sales increased 4% annually to $4.81 billion in the April quarter
- Comparable club sales increased by 1.6% year-over-year in the first quarter
- Comparable club sales, excluding gasoline sales, increased by 0.6%, led by strong traffic and unit growth
- Digitally enabled comparable sales growth was 21.0% year-over-year in Q1; membership fee income rose 8.6% to $111.4 million
- During the quarter, merchandise gross margin rate decreased by 50 basis points year-over-year
- The company opened one new club and one new gas station during the three months
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