Amidst the coronavirus crisis, BJ’s Wholesale Club sales and earnings jumped as it provided consumers with essential products.
Net income came in at $95.7 million, or 69 cents per diluted share, versus $35.8 million, or 25 cents per diluted share, in the quarter a year before.
Adjusted for one-time events, net income was $95.7 million, or 69 cents per diluted share, versus $36.7 million, or 26 cents per diluted share, in the year-previous quarter. BJ’s beat a Zacks Investment Research adjusted diluted earnings per share estimate of 34 cents.
Comparable club sales advanced 27% in the quarter year over year, with digital comps growing 350%. Net sales were $3.72 billion while total revenue was $3.8 billion versus $3.07 billion and $3.14 billion, respectively, in the year-previous quarter. Operating income was $143.8 million versus $70.7 million.
Lee Delaney, BJ’s president and CEO, said, “While the coronavirus pandemic increased demand for our services, our team’s hard work and the capabilities we have built over the last four years have enabled us to thrive and deliver very strong merchandise comparable sales. Furthermore, we drove earnings and cash flow growth and invested in our team members and our business. These efforts will allow us to continue to build on this momentum and position ourselves for success over the long term.”