MARLBOROUGH, Mass.—BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) has announced its financial results for the thirteen weeks ended May 4, 2024. Total comparable club sales increased by 1.6 percent in the first quarter of fiscal 2024 compared with the first quarter of fiscal 2023, according to the company. Excluding the impact of gasoline sales, comparable club sales increased by 0.6 percent in the first quarter of fiscal 2024 compared with the same period in fiscal 2023. The company also stated that membership fee income increased by 8.6 percent year-over-year to $111.4 million and that merchandise sales inventories were improved.

BJ’s Optical Centers, located inside BJ’s Wholesale Clubs, provide contact lenses, eyeglasses, sunglasses and allows patients to book eye exams. BJ’s Wholesale Club currently has 235 clubs with an optical department, according to a BJ’s spokesperson.

“During the first quarter, we delivered strong increases in membership, traffic and unit volumes," said Bob Eddy, chairman and chief executive officer of BJ’s Wholesale Club. "This resulted in revenue growth and market share gains in our clubs and at our gas stations. Our merchandising improvements and digital conveniences, grounded in delivering compelling value, are resonating with our members.

"We are also growing our footprint and remain on track for 12 new club openings this year. I am proud of our team members for their continued dedication to our purpose of ‘taking care of the families who depend on us.' We remain confident in the long-term growth prospects of our company,” Eddy said.

The company reported that gross profit increased to $883.4 million in the first quarter of fiscal 2024 compared with $880.0 million in the first quarter of fiscal 2023 and was driven by growth in membership fee income. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, decreased by 50 basis points over the same quarter of fiscal 2023, primarily driven by lower ancillary income.

Net income decreased to $111.0 million in the first quarter of fiscal 2024 compared with $116.1 million in the first quarter of fiscal 2023. Selling, general and administrative expenses increased to $721.8 million in the first quarter of fiscal 2024 compared with $689.3 million in the first quarter of fiscal 2023. Adjusted EBITDA decreased to $236.4 million in the first quarter of fiscal 2024 compared with $251.5 million in the first quarter of fiscal 2023.

Under its existing share repurchase program, the company repurchased 405,110 shares of common stock, totaling $30.2 million, inclusive of associated costs, in the first quarter of fiscal 2024.

“As we look ahead to the rest of the year, we remain confident in our ability to maintain our strength in traffic, unit volumes and market share led by our continued focus on delivering value to our members and executing on our strategic priorities,” said Laura Felice, executive vice president, chief financial officer, BJ's Wholesale Club. “Our outlook remains unchanged for fiscal 2024.”