BJ’s Wholesale Club ended its first quarter on May 4 with an increase in both net sales and earnings from the previous year.
Net sales for the quarter increased 2.5% to $3.1 billion, compared to $2.9 billion in sales in the first fiscal quarter in the prior year. Comparable club sales excluding gasoline sales increased 1.9% for the quarter.
Net income in the first quarter came in at $35.8 million, or $0.25 per diluted share, and adjusted net income came in at $36.7 million, or $0.26 per diluted share for the quarter.
“We are pleased with our solid start to the year,” said Christopher Baldwin, chairman and CEO, BJ’s Wholesale Club. “We delivered merchandise comparable sales of 1.9%, improved margins and continued to grow earnings by executing against our strategic priorities. Looking forward, we continue to see momentum across our business and are encouraged by the opportunities ahead of us, as we continue to transform BJ’s Wholesale Club.”
Baldwin noted, “In addition, Robert Steele has been appointed to serve as BJ’s lead independent director. His extensive experience and knowledge of our industry and business will be invaluable to our company.”