Current market trends that contributed to big third quarter gains at BJ’s Wholesale Club bode well for operations into the future, according to the company.
Net income was $122.8 million, or 88 cents per diluted share, versus $55.1 million, or 40 cents per diluted share, in the quarter a year before.
Adjusted for one-time charges, net income was $128.5 million, or 92 cents per share, versus $55.6 million, or 41 cents per share, in the year-previous period. BJ’s topped a 63 cents per share MarketBeat-published analyst consensus estimate for the quarter.
Comparable sales, excluding gasoline revenues, increased 18.5% including the contribution of digitally enabled sales, which grew about 200% in the quarter over year, BJ’s noted.
Net sales were $3.65 billion and total revenues were $3.73 billion versus $3.15 and $3.23 billion, respectively, in the quarter a year earlier. Operating income was $190.4 million versus $100.9 million in the 2019 fiscal year.
“”The third quarter was another remarkable quarter with robust comp growth, significant market share gains and record profitability,” said Lee Delaney, BJ’s president and CEO. “As we look ahead, we are confident our business will continue to thrive given the structural shift in consumer behavior, our market share gains and our strategic investments in digital capabilities, membership, assortment, marketing and geographic expansion. Our team members across our business are working hard to execute at the highest standards and meet our members’ increased demand for our products and services. We remain grateful for their continued dedication and hard work in helping us drive industry-leading results.”