BJ's Wholesale (NYSE:BJ) reports impressive Q2 2024 results

BJ’s Wholesale Club Holdings (NYSE:BJ) has released its financial results for the second quarter of fiscal 2024.

The company saw a 3.1% increase in comparable club sales and an impressive 22% growth in digitally enabled sales.

Membership fee income also saw a notable rise, increasing 9.1% to $113.1 million.

This growth in membership indicates a strengthening loyalty among BJ’s customer base.

The company's gross profit for the quarter climbed to $956.6 million, up from $896.8 million in the same quarter the previous year.

Net income also rose from $131.3 million in Q2 2023 to $145 million in Q2 2024.

While adjusted EBITDA saw a healthy increase of 4.9%, reaching $281.3 million, earnings per diluted share stood at $1.08, with adjusted earnings slightly higher at $1.09 per diluted share.

Looking ahead, BJ’s remains optimistic about the rest of the fiscal year.

The company projects comparable club sales, excluding gasoline, to rise by 1% to 2%.

This growth is expected to be driven by increases in traffic and unit sales, particularly in the perishables segment, which could push results towards the higher end of their forecast range.