Q1 2024 BJ's Wholesale Club Holdings Inc Earnings Call Transcript

May 23, 2024 / 12:30PM GMT

Release Date Price: $83.2 (+3.37%)

Transcript 10-Q8-K

Key Points

Positve

Strong growth in membership fees and market share.
Continued growth in comparable club sales excluding gas sales, with a 0.6% increase in the first quarter.
Successful Fresh 2.0 initiative leading to 8% comp unit growth in fresh produce.
Digital sales up 21% year-over-year, driven by conveniences like buy online, pickup in club, and same-day delivery.
Expansion plans with 11 new clubs expected to open in the back half of the fiscal year, including new markets.

Negative

General merchandise business delivered a slightly negative comp in the first quarter due to weather-sensitive categories.
Merchandise gross margin rate decreased by approximately 50 basis points year-over-year.
Gasoline business faced margin headwinds, resulting in profits below expectations.
SG&A expenses increased year-over-year due to new unit growth and other investments.
Lower-income members remain under pressure, particularly due to waning government aid.

Operator

Hello, everyone, and welcome to the BJ's Wholesale Club Holdings, Inc. First Quarter Fiscal 2024 Earnings Conference Call. My name is Candice, and I will be coordinating your call today. After speaker's remarks, there will be a question and answer session. (Operator Instructions). I would now like to hand the conference call over to your host, Cathy Park. Please go ahead.

Catherine Park;s Wholesale Club Holdings

BJ;Inc. - VP of IR

' -

Good morning, and welcome to BJ's First Quarter Fiscal 2024 Earnings Call. Joining me today are Bob Eddy, Chairman and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy and Development.

Please remember that during this call, we may make forward-looking statements within the meaning of the federal securities laws. These statements are based on our current expectations and involve risks and uncertainties that could cause actual results to differ materially from our expectations described on this call. Please see the Risk Factors

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