BJ's Wholesale Club Reveals Second Quarter Fiscal 2021 Results; Bob Eddy and Laura Felice Discuss
WESTBOROUGH, MA - Financial reports are swirling throughout the retail industry showing impressive gains on behalf of many grocers and wholesalers despite the shifts caused by the pandemic. One such company is BJ's Wholesale Club, which has continued to see not only membership rates increase but also 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."
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.
Other highlights from the report include:
- Adjusted EBITDA increased 1.5 percent from $216,850 in the same period last year to $220,140 this quarter
- Total comparable sales increased by 4.0 percent, reflecting two year stacked comp of 21.2 percent
- Total revenues increased by 5.6 percent from $3.95 million during the same period last year to $4.17 million
- Adjusted earnings per diluted share of $0.82 reflects a 6.5% year-over-year growth
- A 5.6 percent growth in net sales to $4.08 million
"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 totality, click here.
As BJ's continues to lean into its proven growth strategies, how will the wholesaler up its presence in the retail market? Keep a tab open for AndNowUKnow for answers.