In a second quarter when it exceeded Wall Street expectations, BJ’s Warehouse Club reported gains in both net sales and earnings as well as comparable club sales.
The warehouse club reported net income of $54.5 million, or 39 cents per diluted share, versus a net loss of $5.6 million, or five cents per diluted share, in the year-before quarter. Adjusted net income was $55.1 million, or 39 cents per diluted share, versus $43.3 million, or 31 cents per diluted share, in the previous second quarter.
BJ’s adjusted net income topped a MarketBeat-published analyst consensus estimate by two cents per diluted share.
Comparable club sales excluding gasoline sales increased 1.6% in the quarter year over year.
Net sales for the second quarter of fiscal 2019 increased 1.1% to $3.27 billion versus the 2018 period while net revenues increased 1.2% to $3.35 billion. Operating income was $98.7 million versus $38.7 million in the year-before quarter.
“Second quarter results for sales and earnings were in line with our expectations,” said Christopher Baldwin, BJ’s chairman and CEO. “We delivered improved margins and continued to grow earnings as we executed against our strategic priorities. Our sales were particularly strong in the second half of the quarter as weather improved, and we ended with strong momentum. We are confident that we will deliver on our full-year expectations as we continue to transform BJ’s Wholesale Club.”