Categories Consumer, Earnings

Earnings Summary: BJ’s Wholesale Club (BJ) reports Q1 2024 results

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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