BJ's Wholesale Club Holdings, Inc. reported robust financial results for the third quarter of fiscal 2024, which ended November 2, 2024. Net sales increased by 3.4% year-over-year to $4.984 billion, while membership fee income grew 8.4% to $115.0 million.
The company's profitability also saw significant improvement, with operating income rising 15.1% to $229.4 million and net income increasing 19.4% to $155.7 million. Diluted earnings per share reached $1.17, up 20.6% from $0.97 in the prior-year period, and adjusted EPS was $1.18.
BJ's raised its full-year fiscal 2024 guidance, now expecting comparable club sales, excluding gasoline, to grow between 2.3% and 2.4%, and adjusted EPS to range from $3.90 to $4.00. The company also announced its first membership fee increase in seven years, effective January 1, 2025, with the Club membership rising to $60 and Club+ to $120, alongside a new benefit of two free same-day deliveries for Club+ members.
Furthermore, the Board of Directors authorized a new $1 billion share repurchase program, effective February 1, 2025, demonstrating a commitment to returning value to shareholders. The company also reached a milestone of 7.5 million members, highlighting strong membership growth and retention.
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