BJ's Wholesale Club Holdings, Inc. announced its financial results for the third quarter of fiscal 2024, showing significant growth and positive performance. The company's net sales increased by 3.4% to $4,984,385,000 compared to the same period last year. For the first nine months of fiscal 2024, net sales reached $14,883,793,000, reflecting a 4.1% growth.
Membership fee income also saw substantial growth, increasing by 8.4% year-over-year to $114,979,000 for the third quarter of fiscal 2024. Total revenues increased by 3.5% to $5,099,364,000 for the same period.
Operating income for the quarter reached $229,383,000, marking a significant 15.1% growth compared to the previous year. Furthermore, income from continuing operations saw a notable increase of 19.4% to $155,748,000.
The company's adjusted EBITDA increased by 13.5% to $308,292,000 for the third quarter of fiscal 2024, demonstrating strong financial performance. Additionally, BJ's Wholesale Club Holdings, Inc. reported a net income of $155,748,000, representing a 19.4% increase compared to the same period last year.
BJ's Wholesale Club Holdings, Inc. also provided an outlook for the fiscal year ending February 1, 2025, expecting a range of $3.90 to $4.00 for adjusted earnings per diluted share. It anticipates fourth quarter fiscal 2024 comparable club sales, excluding gasoline sales, to increase by 2.5% to 3.0% year-over-year, with full-year fiscal 2024 growth estimated to be between 2.3% and 2.4%.
In addition, the company announced plans for its first membership fee increase in seven years, effective January 1, 2025, with the club membership fee set to increase by $5 to $60 a year. The company also approved a new $1 billion share repurchase program, reflecting confidence in its financial position and commitment to delivering shareholder value.
Following these announcements, the company's shares moved 8.2%, and are now trading at a price of $92.76. Check out the company's full 8-K submission here.
