BJ’s Wholesale Club produced a solid fourth quarter and fiscal year as the warehouse club operator expanded its omnichannel capabilities.
Net sales increased by 1.5% for the fourth quarter of fiscal 2019 ended February 1 to $3.4 billion while comparable club sales, excluding gasoline sales, increased by 0.3%. Fourth quarter net income was $41.7 million compared with $64.3 million in the previous fourth quarter.
In the full fiscal year, net sales increased 1.3% to $12.9 billion while comparable club sales increased 1.3%. Net income was $187.2 million, or $1.35 per diluted share for fiscal 2019, reflecting 29% year-over-year growth.
“Fiscal 2019 was a solid year, anchored by foundational work to expand our omni capabilities and to enhance the quality of our membership, which will enable us to deliver growth and continue to transform the company,” said Christopher Baldwin, executive chairman, BJ’s Wholesale Club. “As we look ahead, we are well positioned to build on this foundation and remain confident in the fundamentals of our business and our long-term prospects.”
The company also noted that in the fourth quarter of fiscal 2019, it launched Project Momentum, a cost reduction program which is expected to generate savings over the next two years, enabling the retailer to invest more aggressively behind growth opportunities.