Department store chain BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) has announced results for the first quarter of 2024, reporting an increase in net sales.
Q1 earnings, on a per-share basis, dropped 2.4% to $0.83; adjusted earnings per share remained unchanged at $0.85Net income was $111 million in the first quarter, down 4.4% from $116.1 million reported in the year-ago quarter Net sales increased 4% annually to $4.81 billion in the April quarterComparable club sales increased by 1.6% year-over-year in the first quarterComparable club sales, excluding gasoline sales, increased by 0.6%, led by strong traffic and unit growthDigitally enabled comparable sales growth was 21.0% year-over-year in Q1; membership fee income rose 8.6% to $111.4 millionDuring the quarter, merchandise gross margin rate decreased by 50 basis points year-over-yearThe company opened one new club and one new gas station during the three months