BJ’s Wholesale Club (BJ) investor relations material

Executive summary

• Achieved strong Q3 results with 4.8% net sales growth to $5.2 billion, driven by membership gains, digital sales momentum, and club expansion, including new openings in Georgia and Tennessee.

• Membership fee income rose 9.8% to $126.3 million, with record-high renewal rates, higher-tier penetration, and robust acquisition across all income cohorts.

• Digital sales grew 30% year-over-year and 61% on a two-year stack, with digital penetration reaching 13% of merchandise sales and digitally engaged members spending twice as much as in-club-only members.

• Adjusted EPS for Q3 was $1.16, with guidance raised for the full year; adjusted EBITDA was $301.4 million.

• Share repurchases totaled $134.7 million in the first nine months, with a new $1.0 billion program launched and $866.2 million remaining authorized.

Financial highlights

• Net sales for Q3 were $5.2 billion, up 4.8% year-over-year; merchandise comparable sales grew 1.8%.

• Adjusted EBITDA was $301.4 million; adjusted EPS was $1.16.

• Membership fee income for the first nine months reached $370.0 million, a 9.0% increase.

• SG&A expenses were $788.2 million, up 7.4% year-over-year.

• Gross profit for Q3 was $1.01 billion; merchandise gross margin rate was flat year-over-year.

Outlook and guidance

• Full-year comparable club sales (ex-gasoline) expected to increase 2.0%–3.0%.

• Adjusted EPS guidance raised to $4.30–$4.40 for fiscal 2025.

• On track to open 25–30 new clubs over the next two years, with seven new clubs set to open in Q4.

• Capital expenditures projected at approximately $800 million.

• Confident in sustaining growth despite a challenging macro environment, with continued investment in member value and digital capabilities.