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BJ’s Wholesale Club Posts Q4 and FY 2022 Results

03/14/2023

In an March 9th release, BJ’s Wholesale Club Holdings (BJ) announced fourth quarter and FY 2022 results for the period ending January 28th 2023.  The company posted net income of $129.8 million on total revenue of $4,930 million with an EPS of $0.95  Comparable values for the fourth quarter of FY 2021 were net income of $107.6 million on revenue of $4,358 million with an EPS $0.78. During the  fourth quarter BJ’s attained a gross margin of 18.3 percent (18.3 percent in Q4 FY 2021) and an operating margin of 4.2 percent (3.6 percent Q4 FY 2021). For the fourth quarter, comparable club sales, excluding fuel, increased by 8.7 percent. Digital sales increased by 22 percent.

 

For FY 2022 net income was $513.2 million on revenue of $19,315 million with an EPS of $3.76. During the fourth quarter of FY 2021 net income was $426.7 million on revenue of $16,667 million with an EPS of $3.09.

 

In commenting on results, Bob Eddy, president and CEO stated, 2022 was a record year, having surpassed $1 billion in Adjusted EBITDA for the first time in the Company’s history,” Eddy, added “Our membership base is stronger than ever with our tenured renewal rate reaching an all-time high of 90 percent. Our continued focus on value has driven traffic and market share gains all year. Our digital business is growing and we’re successfully expanding our footprint. The investments we continue to make in our Company position us well for long-term growth and sustainable value creation.”

 

Guidance for FY 2023 included a 4 to 5 percent increase in comparable store sales; a 40 basis point improvement in gross margin but with a flat EPS. BJ’s will spend $450 million on capital expenditure.

 

Effective Janury 28th 2023, BJ’s posted total assets of $6,350 million including $1,124 goodwill and intangibles and carried long-term debt and lease obligations of $2,701 million.  BJ’s had a market capitalization of $9,900 million on March 14th. The share has traded over the past 52 weeks from $51.45 to $80.41 with a 50-day moving average of $71.61.  BJ’s closed at $74.34 on Wednesday 8th March, pre-release, opening on Thursday 9th March at $78.48.  BJ’s trades with a forward P/E of 19.7.  For the trailing-12 months the company posted an operating margin of 3.8 percent and a profit margin of 2.7 percent.  The company returned 7.7 percent on assets and 60.7 percent on equity over the past twelve months.

 

BJ’s has contracted with Simbe Inc. to deploy Tally robots with a complementary integrated inventory control system in all stores.

 

The company operates 237 warehouse stores with 165 fuel centers in 18 states.