BJ’s Wholesale Club Announces Fourth Quarter and Full Fiscal 2022 Results; Bob Eddy and Laura Felice Share
MARLBOROUGH, MA - BJ’s Wholesale Club Holdings continues to report significant increases in its club sales as it publishes its Q4 and full fiscal 2022 results. In it, the club chain operator’s sales increased by 9.8 percent year-over-year, citing a $2.6 million gain for its 52 weeks ended January 28, 2023, compared to 2022.
“2022 was a record year, having surpassed $1 billion in Adjusted EBITDA for the first time in the company’s history,” said Bob Eddy, President and Chief Executive Officer. “Our membership base is stronger than ever with our tenured renewal rate reaching an all-time high of 90 percent. Our continued focus on value has driven traffic and market share gains all year. Our digital business is growing and we’re successfully expanding our footprint. The investments we continue to make in our Company position us well for long-term growth and sustainable value creation.”
Key highlights the retailer cited in its release include:
- Gross profit increased to $903.2 million in the fourth quarter of fiscal 2022 from $797.2 million
- Gross profit increased to $3.43 billion in fiscal 2022 from $3.08 billion
- Digitally-enabled sales growth was 22 percent year-over-year
- Opened five new clubs since the end of the third quarter
- Inventory increased to $1.38 billion at the end of fiscal 2022
“As we reflect on the past five years, we have transformed our company, delivering significant growth across virtually every aspect of our business,” continued Eddy. “Looking ahead, we are excited to continue this momentum, which is powered by a world-class team and a culture of operational excellence. We are laser-focused on improving member loyalty, driving an unbeatable member experience, delivering value conveniently through our digital offerings, and expanding our footprint. Furthermore, we remain committed to maximizing shareholder value through prudent capital allocation.”
Aligned with these recent results, BJ’s also published its guidance for fiscal 2023:
- Comparable club sales to increase 4 percent to 5 percent YOY
- Membership fee income to increase 5 percent to 6 percent YOY
- Capital expenditures of approximately $450 million
“We remain confident that our advantaged business model, continued focus on executing our strategic priorities, and commitment to delivering great value to our members will continue to drive strong results for our business,” said Laura Felice, Executive Vice President and Chief Financial Officer. “We look ahead to fiscal 2023 with the understanding that there is still significant uncertainty in the macroeconomic backdrop as well as its influence on the U.S. consumer.”
Check out the full report here, and keep an eye out for AndNowUKnow.