The fourth quarter was a good one for BJ’s with comparable sales up solidly and earnings gaining more than enough to beat a Wall Street estimate.
A Yahoo Finance-published analyst consensus estimate called for adjusted diluted earnings per share of 87 cents and revenues of $4.8 billion
Comparable club sales, excluding gasoline impact, increased by 8.7% year-over-year. Digitally-enabled sales grew 22% from the quarter a year past, the company pointed out.
Net sales were $4.83 billion while total revenues including membership fees were $4.93 billion versus $4.26 billion and $4.36 billion, respectively, in the year-earlier period. Operating income was $192.8 million versus $157.1 million in the year-prior period.
For the full fiscal year, net income was $513.2 million, or $3.76 per diluted share, versus $426.7 million, or $3.09 per diluted share in the year previous, BJ’s stated. Adjusted net income was $535.2 million, or $3.92 per diluted share, versus $448.9 million, or $3.25 per diluted share, in the year before.
With fuel price impact excluded, comp sales were up 6.5% year over year.
Net sales were $18.92 billion and total revenues were $19.32 billion versus $16.31 billion and $16.67 billion respectively, in the year earlier. Operating income was $738 million versus $617.3 million in the year prior.
In announcing the financial results, Bob Eddy, BJ’s president and CEO, said, “2022 was a record year, having surpassed $1 billion in adjusted EBITDA for the first time in the company’s history. Our membership base is stronger than ever with our tenured renewal rate reaching an all-time high of 90%. Our continued focus on value has driven traffic and market share gains all year. Our digital business is growing, and we’re successfully expanding our footprint. The investments we continue to make in our company position us well for long-term growth and sustainable value creation.”
Eddy said that looking back over BJ’s past five years, “we have transformed our company, delivering significant growth across virtually every aspect of our business. Looking ahead, we are excited to continue this momentum, which is powered by a world-class team and a culture of operational excellence. We are laser-focused on improving member loyalty, driving an unbeatable member experience, delivering value conveniently through our digital offerings and expanding our footprint. Furthermore, we remain committed to maximizing shareholder value through prudent capital allocation.”
