BJ’s Wholesale Club posted lower adjusted net income for the first quarter while comparable sales advanced versus the year-past period.
A Yahoo Finance-published analyst consensus estimate was 85 cents per adjusted diluted share and $4.8 billion in revenue.
With the impact of volatile fuel prices excluded, comparable sales were up 5.7% in the quarter year over.
Net sales were $4.62 billion while revenues including membership income were $4.72 billion versus $4.4 billion and $4.5 billion, respectively, in the period a year prior. Operating income was $186.8 million versus $150.3 million in the quarter a year earlier.
In announcing the first quarter results, Bob Eddy, BJ’s president and CEO, said, “We reported a record first quarter in net income and adjusted EBITDA, demonstrating the power of our business model and the warehouse club channel. We drove topline growth bolstered by robust traffic and share gains. We also made significant improvements on our merchandise margins largely due to waning supply chain pressures and moderating inflation. We remain focused on our strategic priorities and believe that we are well-positioned to maximize long-term shareholder value.”
