In its latest financial report, BJ's Wholesale Club has not only continued to see not only membership rates increase but saw a gross profit increase of $7.1 million, bringing the retailer up to $763.5 million in the second quarter of fiscal 2021 from $756.4 million in the second quarter of fiscal 2020.
"When I reflect on our impressive performance, it is clear that our progress against our strategic priorities has powered our success. We drove outstanding membership results, expanded our market share, and continued to benefit from elevated consumer spending trends," said Bob Eddy, President and Chief Executive Officer. "I am thankful for our team members’ dedication and excellent execution, which continues to enable our success. We have invested into our team members, the value of our membership, our digital infrastructure, and physical footprint to continue to accelerate our growth flywheel. With these investments, we are confident that we are well positioned for long-term success."
Highlights from the report include:
The report covers the results for the 13 weeks (second quarter of fiscal 2021) and 26 weeks (first half of fiscal 2021) ending July 31, 2021, according to a press release. In that window, not only did the wholesaler record an increase in net sales, but it saw digital sales rise by 4 percent, leading to two-year comparable growth of 304 percent due to the company’s expansion of its online and curbside pickup services.
"Looking ahead, we remain confident our business will continue to thrive and that our solid membership trends, assortment initiatives, enhanced digital capabilities, and robust real estate pipeline will drive sustained and strong profitable growth," said Laura Felice, Executive Vice President and Chief Financial Officer. "Given the level of uncertainty associated with the evolution of the pandemic, fiscal 2021 remains difficult to forecast. Our view of the future has improved from last quarter, but we will continue to refrain from offering formal detailed guidance."
To read the financial report in its entirety, click here.
As the wholesaler continues to deliver on growth, Deli Market News will be here to report.