Opinions of the company BJ’S Wholesale Club HoldingsNYSE: BJ) revisited the previous shows with its Q3 earnings report.
Net income rose 12.4% to $4.79B during the quarter. Comparable club sales were up 9.7% year-on-year or up 5.3% post-fuel. Membership fees increased 8.7% to $99.5M.
The retailer reported adjusted EBITDA growth of 19.2% to $272.3M. Operating income increased 4.0% to $192M.
Gross profit margin, which excludes gasoline sales and membership fees, fell 30 points for the quarter. This margin was affected by the increase in consumer spending and inflation.
On the financial side, BJ has reduced its outstanding debt by $154.3M from the previous quarter to maintain a total debt to twelve month adjusted EBITDA ratio of 0.9x.
“We are optimistic about the future of our business because of the continued strength in our grocery business and our market gains,” said CFO Laura Felice.
Shares of BJ’s Wholesale ( BJ ) traded lower on Thursday following the financial update.