BJ’s Wholesales (BJ) investor relations material

Executive summary

• Achieved record 8 million members, with membership fee income up 9% year-over-year in Q2 2025 and a tenured renewal rate above 90%.

• Q2 net sales increased 3.2% year-over-year to $5.3 billion, driven by traffic growth in perishables, grocery, and sundries, and a net increase of 11 clubs.

• Digital business grew 34% year-over-year, with digital penetration at 13% of merchandise sales and over half of active members regularly using the app.

• Raised full-year 2025 adjusted EPS guidance to $4.20–$4.35, reflecting continued business momentum.

• Company operates 255 clubs and 190 gas stations as of August 2025, with plans for 25–30 new club openings over the next two years.

Financial highlights

• Net sales for Q2 2025 were $5.3 billion, up 3.2% year-over-year; total revenues reached $5.38 billion.

• Merchandise comparable club sales (excluding gas) increased 2.3% year-over-year; total comparable club sales declined 0.3% due to lower fuel prices.

• Adjusted EBITDA for Q2 was $303.9 million, up 8% year-over-year.

• Adjusted EPS was $1.14, up 4.6% year-over-year.

• Membership fee income reached $123.3 million in Q2 2025, up 9% year-over-year.

Outlook and guidance

• Maintaining full-year 2025 comparable club sales growth guidance (excluding gas) of 2% to 3.5%.

• Adjusted EPS guidance raised to $4.20–$4.35 for FY 2025.

• On track to open 25–30 new clubs over the next two years, supported by a strong pipeline and new distribution center plans.

• Capital expenditures projected at approximately $800 million for FY 2025.

• Expecting continued volatility due to tariffs, macro environment, and economic uncertainty but confident in delivering sustained growth.