BJ’s Wholesale Club (BJ) Q4 2025 earnings summary

Executive summary

• Achieved record net sales, membership, and adjusted EPS in fiscal 2024, with Q4 comps and profits exceeding expectations despite a challenging macro environment and the absence of a 53rd week.

• Membership reached an all-time high above 7.5 million, with a 90%+ renewal rate and higher-tier penetration nearing 40%.

• Strategic focus on value, digital convenience, and footprint expansion drove robust traffic, units sold, and market share gains.

• Continued expansion with 7 new clubs and 12 new gas stations opened in FY24, reaching 250 clubs and 186 gas stations at year-end.

Financial highlights

• Q4 net sales were $5.16 billion, down 1.7% due to the absence of a 53rd week, but up 5.4% year over year on a comparable 13-week basis; full-year net sales rose 2.5% to $20.05 billion.

• Comparable club sales (excluding gasoline) grew 4.6% year over year in Q4.

• Adjusted EPS for Q4 was $0.93 (down 16.2%); full-year adjusted EPS was $4.05 (up 2.3%).

• Membership fee income rose 7.9% to $117 million in Q4.

• Digitally enabled comp sales grew 26% year over year in Q4; digital penetration reached 13% in FY24.

Outlook and guidance

• Fiscal 2025 guidance: comparable club sales (ex-gasoline) expected to increase 2.0%–3.5% year-over-year.

• Adjusted EPS projected in the range of $4.10–$4.30 for fiscal 2025.

• Capital expenditures anticipated at approximately $800 million, focused on new clubs and a new distribution center.

• New $1 billion share repurchase program effective FY25, expiring January 2029.