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- BJ's Wholesale Club Holdings Inc (NYSE:BJ) reported fourth-quarter FY22 sales growth of 13.1% year-on-year to $4.93 billion, beating the consensus of $4.80 billion.
- Total comparable club sales increased by 9.8%. Comparable club sales, excluding gasoline sales, increased by 8.7%.
- Membership fee income increased by 8% to $101.8 million. Digitally enabled sales growth was 22% Y/Y.
- Gross profit rose 13.3% Y/Y to $903.2 million with a margin of 18.3%. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, increased by 30 basis points Y/Y.
- Operating margin was 3.9%, and operating income for the quarter rose 22.7% to $192.8 million. Adjusted EBITDA of $271.3 million increased 18.7% Y/Y.
- Adjusted EPS of $1.00 beat the analyst consensus of $0.87.
- BJ's Wholesale Club held $33.9 million in cash and equivalents as of Jan. 28, 2023. Cash provided by operating activities for the year totaled $788.2 million.
- Outlook: BJ's Wholesale expects FY23 EPS to remain approximately flat, including the 53rd-week benefit of low-teens cents per share.
- BJ expects FY23 comparable club sales growth, excluding the impact of gasoline sales, to be in the 4%-5% range.
- BJ sees membership fee income to increase 5% - 6% Y/Y. BJ expects merchandise margin to improve 40 basis points.
- For the long-term, BJ expects comparable club sales growth of low-to-mid single-digit percent, excluding the impact of gasoline sales. Total revenue growth of mid-single-digit percent and EPS growth of high-single to low-double-digit percent.
- Price Action: BJ shares traded higher by 2.56% at $76.21 in premarket on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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