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- **Revenue Growth**: 1.8% merchandise comp, 5.5% 2-year stack, fueled by perishables and 30% digital sales growth.
- **Strategic Initiatives**: AI shopping assistant, 10% team discount, and 14 new clubs opened in 2025.
- **Financial Performance**: Adjusted EPS $1.16, EBITDA $301.4 million, with $866 million remaining for buybacks.
- **Guidance**: 2-3% comp growth, cautious on GM due to inventory constraints.
- **Expansion Success**: New clubs outperforming by 25%, with 25-30 openings planned by 2026.

**【CEO Summary Section】**
 BJ's Wholesale Club reported strong Q3 2025 results, marking the 12th consecutive quarter of market share growth and 15th consecutive quarter of traffic growth. Key highlights include:
- **Merchandise Comparable Sales**: 1.8% year-over-year (YoY) growth, with a 5.5% 2-year stack (normalized for 2024 disruptions). Perishables and general merchandise divisions each grew 1.8%.
- **Digital Growth**: 30% YoY increase in digitally enabled sales, driven by BOPIC, same-day delivery, and ExpressPay.
- **Membership Expansion**: Membership fee income rose 9.8% YoY, with higher-tier membership penetration up 50 basis points sequentially. 14 new clubs opened in 2025, with plans for 25-30 by 2026.
- **Value Initiatives**: Reduced delivery fees, 10% team member discount, and owned brands priced 30% below national brands.

**【CFO Financial Commentary】**
- **Revenue**: Net sales of $5.2 billion (+4.8% YoY), with adjusted EPS of $1.16 (-2% YoY due to a legal settlement, +8% normalized).
- **Margins**: Merchandise gross margin flat YoY; SG&A as a percentage of sales slightly deleveraged.
- **Inventory Management**: Total inventory down 1.5% YoY, in-stock levels up 90 basis points.
- **Balance Sheet**: EBITDA of $301.4 million (-2% YoY); share buybacks of $87.3 million in Q3.
- **Guidance**: Full-year merchandise comp sales 2-3%, adjusted EPS $4.30-4.40.

**【Q&A Highlights】**
- **Consumer Behavior**: Low-income members showed resilience, with stable purchasing habits despite economic challenges.
- **Inventory Strategy**: Tight GM inventory to control costs, impacting short-term sales but supporting long-term value.
- **Fresh 2.0 Success**: Perishables growth driven by investments, with plans to expand into meat and seafood.
- **AI Innovation**: Beta launch of AI shopping assistant and Tally robot efficiency improvements.
- **Market Expansion**: New clubs in Texas and Alabama performing 25% ahead of plan, with strong community engagement.


BJ's Wholesale Club Holdings, Inc. (BJ) Q3 2026 Earnings Call Transcript

- **Membership Milestone**: Reached 8 million members, up 55% since IPO, with 41% higher-tier penetration. 
- **Digital Surge**: Digital sales +34% YoY, 56% 2-year stack, driven by BOPIC and Express Pay. 
- **Perishables Growth**: 3% YoY comp in perishables, supported by Fresh 2.0 and meat/seafood category improvements. 
- **Financial Strength**: Adjusted EBITDA +8% to $303.9M; MFI up 9% to $123.3M. 
- **Expansion Ambition**: 25-30 new clubs planned for 2026, including Dallas-Fort Worth market entry. 
- **Tariff Caution**: Cautious buying in high-tariff categories to mitigate markdown risk, but maintaining 2-3.5% comp sales guidance.

**【CEO Summary Section】**
- **Revenue Growth**: Comparable club sales (excluding gas) increased 2.3% YoY, driven by 14 consecutive quarters of traffic growth and 11 quarters of market share growth. Membership reached 8 million, a 55% increase since IPO. 
- **Digital Expansion**: Digital sales grew 34% YoY and 56% on a 2-year stack, with BOPIC, Express Pay, and same-day delivery leading adoption. 
- **Perishables Success**: Perishables, Grocery, and Sundries division grew 3% YoY, supported by Fresh 2.0 initiative and meat/seafood category improvements. 
- **GM Challenges**: General Merchandise (GM) comp sales declined 2.2% YoY due to weather and macro factors, though apparel showed low-single-digit growth. 
- **Inventory Management**: Absolute inventory down 2% YoY, with in-stock levels improving 50 basis points. New club openings (5 in Q2, 8 planned for Q3) outperformed tenured clubs. 
- **Tariff Strategy**: Cautious buying in high-tariff categories (e.g., holiday decor) to mitigate markdown risk, balancing short-term prudence with long-term relevance. 

**【CFO Financial Commentary】**
- **Top Line**: Net sales $5.3B (+3.2% YoY), with merchandise comp +2.3% YoY. Membership fee income (MFI) grew 9% to $123.3M, driven by fee increase and higher-tier penetration (41%). 
- **Margins**: Merchandise gross margin improved 10 basis points YoY. Adjusted EBITDA rose 8% to $303.9M, with effective tax rate 26.9%. 
- **Balance Sheet**: Ended Q2 with $953M remaining under share buyback authorization and 0.4x net leverage. 
- **Guidance**: Full-year comp sales (excl. gas) expected 2-3.5% growth; updated EPS guidance to $4.20-$4.35. 

**【Q&A Highlights】**
- **Weather Impact**: Q2 sales weakened in wet/cold start, rebounded in July. GM categories like recreation/lawn & garden declined double digits. 
- **Consumer Behavior**: Low-income members showed loyalty despite macro stress, with total spending increasing per member. 
- **Tariff Volatility**: Team repointed sourcing to mitigate tariff impact, but noted potential limits on upside. 
- **Digital Growth**: Over 90% of digital sales fulfilled by clubs, with app usage >50% of active members. 
- **Expansion Pipeline**: 25-30 new clubs planned for 2026, including Dallas-Fort Worth entry. 
- **Investment Strategy**: Balancing short-term markdown risk with long-term value creation, maintaining 2-3.5% comp sales guidance despite macro headwinds.

BJ's Wholesale Club (BJ)-22 Aug 25-2026 Q2 Earnings call transcript

- **Revenue Growth**: Q1 net sales $5B (+4.7% YoY), driven by 3.9% comp sales (ex-gas) and 8.1% MFI.
- **Strategic Momentum**: Fresh 2.0 produce comps +10%+, digitally enabled sales +35% YoY, 5 new clubs opened.
- **Membership Strength**: Higher-tier penetration 40.1% (vs. 39% prior), 20%+ Staten Island club outperformance.
- **Financial Resilience**: 27% operating income growth, 30bps margin expansion, $140M capex funded by cash flow.
- **Guidance Confidence**: Full-year 2-3.5% comp growth despite macro uncertainty, $4.10-$4.30 EPS range maintained.
- **Digital Expansion**: 35% YoY digital sales growth, 20%+ basket size increase offsetting pick/fulfill costs.
- **Tariff Mitigation**: 30%+ domestic sourcing, 24/7 monitoring team, 20%+ re-sourced tariff-impacted goods.
- **Private Brand Growth**: All-time high penetration, quality-driven expansion in produce, meat, and sundries.


**【CEO Opening Remarks】**
- Q1 2025 net sales grew 4.7% YoY to $5 billion, driven by 3.9% comparable club sales (excluding gas) and strong membership growth.
- Key strategic priorities: 
  - Membership expansion: Higher-tier penetration reached 40.1% (up 100+ bps QoQ), with fee increase contributing $120.4M in MFI.
  - Fresh 2.0 initiative: Produce comps up 10%+ YoY, meat/seafood pilot showing early traction.
  - Digital convenience: Digitally enabled sales +35% YoY, BOPIC/Curbside adoption driving engagement.
  - New club openings: 5 clubs opened in Q1, on track for 25-30 new clubs over 2 years.

**【CFO Financial Highlights】**
- GAAP EPS: $1.13; Non-GAAP EPS: $1.14 (vs. $1.08 estimate).
- Merchandise gross margin +30bps YoY to 25.4%, benefiting from category management and cost control.
- SG&A as % of sales: 21.0% (up 10bps YoY due to new club investments).
- Inventory: Down 2% per club, with 30bps improvement in stock-out rates.
- Guidance: Full-year comp sales 2-3.5% (ex-gas), EPS $4.10-$4.30.

**【Q&A Key Takeaways】**
1. **Real Estate Strategy**: 
   - Accelerating new club openings to 25-30 over 2 years, targeting both new and existing markets.
   - Staten Island club performed 20%+ above expectations, supporting 2025+ pipeline.
2. **Membership Algorithm**: 
   - Long-term algorithm unchanged; focus on activating 3M+ inactive members via digital engagement.
   - Higher-tier penetration target >50% (currently 40.1%).
3. **Tariff Impact**: 
   - Less exposed than peers, with 30%+ of goods sourced domestically.
   - Investments in alternative suppliers and AI-driven cost optimization.
4. **Digital Margin Impact**: 
   - Digital sales (+35% YoY) slightly below gross margin due to pick/fulfill costs, but offset by 20%+ basket size increase.
5. **GM Category Outlook**: 
   - Discretionary categories (patio, sheds) soft due to weather/economic uncertainty, but core GM (apparel, CE) resilient.
6. **Private Brands**: 
   - Penetration at all-time high, with quality-driven growth in produce, meat, and sundries.
7. **Tariff Risk Management**: 
   - 24/7 monitoring team; 20%+ of tariff-impacted goods already re-sourced.
8. **Inflation Hedge**: 
   - 25%+ grocery price advantage maintained via scale, direct sourcing, and digital price transparency.


BJ's Wholesale Club Holdings, Inc. (BJ) Q1 2025 Earnings Call Transcript

- **Record Growth**: FY2024 adj. EPS up 15% to $3.85, 7.5M+ members (90% renewal rate).
- **Digital Dominance**: Q4 digital sales +26% YoY, 60%+ members engage via app.
- **Expansion Ambition**: 25-30 new clubs in 2 years, entering TX, NY, NJ.
- **Fresh Innovation**: Fresh 2.0 driving +10% produce comps, new shoppers boosting baskets by 4+ categories.
- **Profitability**: FY2025 adj. EPS guidance $4.10-4.30, despite 11% SG&A growth.

**【CEO Opening Remarks】**
- Q4 comparable club sales (excluding gas) grew 4.6%, driven by 12 consecutive quarters of traffic growth.
- FY2024 record net sales of $19.3B, 7.5M+ members (90% renewal rate), and adj. EPS of $3.85.
- Key initiatives: Fresh 2.0 (produce comp +10% YoY), digital sales growth (+26% Q4 YoY), and 7 new clubs opened in Q4.

**【CFO Financial Highlights】**
- Q4 net sales: $5.1B (+5.4% YoY), MFI: $117M (+7.9% YoY), adj. EPS: $0.93.
- Gross margin: 25.6% (down 10bps YoY due to egg costs and fresh produce investments).
- SG&A: $758M (+11% YoY) driven by new clubs and incentives.
- FY2025 guidance: comp sales (excl. gas) +2-3.5%, adj. EPS $4.10-4.30.

**【Q&A Key Takeaways】**
- **Tariffs & Supply Chain**: Minimal direct exposure (2% China-sourced goods). Focus on cost mitigation and supplier diversification.
- **Digital Growth**: 60%+ members use app; same-day delivery adoption driving profitability.
- **New Clubs**: 25-30 openings over 2 years, 2x chain comp rate, and 10-year pipeline expansion into TX, NY, NJ.
- **Fresh 2.0**: Early data shows new produce shoppers visit 4+ categories post-purchase, boosting basket size.
- **Membership**: Club Plus penetration near 40%, with 2 free deliveries/year as retention driver.


BJ's Wholesale Club Holdings, Inc. (BJ) Q4 2024 Earnings Call Transcript

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