BJ’s Points To Investments After Big Q2 Gains

An essential retailer in the COVID-19 pandemic, BJ’s Wholesale Club boosted its sales, earnings and membership fee numbers significantly in the second quarter.

The company posted net income of $106.6 million, or 76 cents per share in the quarter, versus $54.5 million, or 39 cents per share, in the year-prior period. Net income adjusted for one-time events was $107.5 million, or 77 per share, versus $55.1 million, or 39 cents per share, in the period a year earlier.

BJ’s topped a MarketBeat-published second quarter analyst consensus adjusted earnings per share estimate of 60 cents.

Comparable sales, excluding gasoline sales, gained 24.2%, in the period year over year, boosted by digitally enabled sales growth of more than 300%, BJ’s maintained.

Total revenues were $3.95 billion while net sales were $3.87 billion, versus $3.35 billion and $3.27 billion, respectively, in the year-previous quarter. Membership fee income advanced to $82.5 million from $74.7 million in the period a year before. Operating income was $163.6 million compared to $98.7 million in the year-past quarter.

Lee Delaney, BJ’s president and CEO, stated, “We delivered another remarkable quarter with strong comp growth and record profitability. Our business has been transformed and strengthened in the last six months by every measure. We are extremely well positioned to continue to win as we invest in digital capabilities, membership, assortment, marketing and geographic expansion to further accelerate this transformation.”