What does a $4.68 billion boost signify in the retail sector? For BJ’s Wholesale Club, it demonstrates a strong growth strategy and even stronger performance as the retailer reported a 12.3 percent increase in net sales for its third quarter fiscal year 2022 results. For the 13 weeks ended October 29, 2022, the company revealed a $4.68-billion gain.
“We reported another quarter of strong results, demonstrating the power of our business model,” said Bob Eddy, President and Chief Executive Officer. “Our consistent focus on delivering value to our members at a time when they need it most will bolster our business for the future. Our member base is growing in both size and quality. We are improving our merchandising to deliver amazing value. We are offering more convenience for our members through a great digital experience. We are expanding our footprint into new and existing markets. We have a great team and a competitive strategy, and the investments we continue to make in our company position us well for long-term growth and sustainable value creation.”
According to a release, other highlights from the report include:
Based on these results, BJ’s has a strong outlook moving into the future and is looking forward to continued growth.
“We are optimistic about the outlook on our business given the sustained strength in our grocery business and our gains in market share,” said Laura Felice, Executive Vice President, Chief Financial Officer. “We now expect fiscal year 2022 comparable club sales growth, excluding the impact of gasoline sales, to be in the 5.0 percent to 5.5 percent range. While we expect continued merchandise margin rate pressure, we also now expect fiscal year 2022 EPS to be in the $3.70 to $3.80 range. We remain confident that the strength of our core business and our intense focus on delivering value will continue to drive long-term growth.”
Click here to view the grocer’s financial results in full.
Stay tuned to Deli Market News as we continue to track the growth of this retailer and more.