For BJ’s Wholesale Club, first quarter fiscal 2023 was a period of growth. The retailer recently unveiled its results for the quarter, recording a net sales increase of 5 percent from $4.4 billion in April 2022 to $4.6 billion in April 2023, a $220 million gain.
“We reported a record first quarter in net income and adjusted EBITDA, demonstrating the power of our business model and the warehouse club channel,” said Bob Eddy, President and Chief Executive Officer. “We drove top-line 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.”
Total comparable club sales increased by 2 percent in the first quarter of fiscal 2023 compared to the first quarter of fiscal 2022. The retailer’s gross profit also increased to $880 million in the first quarter of fiscal 2023 from $790.6 million in the first quarter of fiscal 2022.
In addition to the fiscal growth, BJ’s has also opened two new clubs and three new gas stations.
“Our fiscal 2023 outlook on our business remains unchanged given the sustained strength in our grocery business and our gains in market share,” said Laura Felice, Executive Vice President, Chief Financial Officer. “We are confident that the strength of our core business and our intense focus on delivering value will continue to drive long-term growth.”
More information on the results can be found here.
As BJ’s and other retailers share their financial strategies, Deli Market News will report.