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BJ's Wholesale Club Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $4,984,385,000 from $4,818,670,000 in the same quarter the previous year. This increase is attributed to traffic and unit growth, particularly in perishables, grocery, and sundries.
Cost of sales for the quarter was $4,123,888,000, representing 82.7% of net sales, compared to 83.5% in the same quarter of the previous year. Merchandise gross margin rate increased by 20 basis points.
The company reported an operating income of $229,383,000 for the quarter, compared to $199,375,000 in the previous year.
Net income for the quarter was $155,748,000, up from $130,467,000 in the previous year. Basic earnings per share increased to $1.18 from $0.98.
Cash provided by operating activities was $206,757,000, while cash used in investing and financing activities was $187,933,000 and $203,578,000, respectively.
BJ's had a working capital of $2,097,093,000 as of November 2, 2024. The company continues to focus on expanding its club footprint and enhancing its omnichannel capabilities.
The filing also details various financial agreements, including amendments to the company's credit facilities, which have extended maturity dates and reduced interest rates.
BJ's announced a membership fee increase effective January 1, 2025, with the Club Card membership fee rising to $60 and the Club+ membership fee to $120.
The company does not anticipate any material adverse impact from ongoing legal proceedings.
BJ's continues to invest in its growth strategy, with plans to open new clubs and gas stations, while maintaining focus on member engagement and operational efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BJ's Wholesale Club Holdings Inc. quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.