Earnings Summary: BJ’s Wholesale Club (BJ) Announces First Quarter 2024 Results

BJ’s Wholesale Club Holdings, Inc. department store chain (NYSE: BJ) announced first-quarter 2024 results, reporting growth in net sales.

First-quarter earnings per share fell 2.4% to $0.83; adjusted earnings per share remained unchanged at $0.85
Net income was $111 million in the first quarter, down 4.4% from the $116.1 million reported in the year-ago quarter
Net sales increased 4% annually to $4.81 billion in the April quarter
Comparable club sales increased 1.6% year-over-year in the first quarter
Comparable club sales, excluding gasoline sales, increased 0.6%, driven by strong traffic and unit growth
In the first quarter, comparable digital-enabled device sales growth was 21.0% year-over-year; revenue from membership fees increased by 8.6% to $111.4 million
Merchandise gross margin rate declined 50 basis points year-over-year this quarter
Within three months, the company opened one new club and one new gas station