2020 has thrown a few curve balls at us, but the industry is carrying on to supply consumers with the products they need. BJ’s Wholesale Club Holdings is one retailer holding its ground as it has recently announced a record quarter. In its third quarter fiscal 2020 results report, the retailer cited its comparable club sales, excluding gasoline sales, increased by 18.5 percent.
“The third quarter was another remarkable quarter with robust comp growth, significant market share gains, and record profitability. As we look ahead, we are confident our business will continue to thrive given the structural shift in consumer behavior; our market share gains; and our strategic investments in digital capabilities, membership, assortment, marketing, and geographic expansion,” said Lee Delaney, President and Chief Executive Officer. “Our team members across our business are working hard to execute at the highest standards and meet our members’ increased demand for our products and services. We remain grateful for their continued dedication and hard work in helping us drive industry-leading results.”
According to the report, the wholesaler’s gross profit increased to $743.3 million in the third quarter of fiscal 2020 from $617.6 million in the third quarter of fiscal 2019. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased by 10 basis points over the third quarter of fiscal 2019.
Continued execution of the company’s category profitability improvement was offset by distribution costs associated with the coronavirus pandemic.
Other key takeaways for the third quarter of fiscal 2020 include:
For more information, click here for the release.
Deli Market News will keep an eye on the retail landscape, so keep checking back as we bring you the latest.