BJ’s Wholesale reported double-digit sales gains for its third quarter, with total revenues – including membership fees – up 12.2% as compared to the third quarter last year. The company also noted that inflation abated on some commodities, including chicken, milk and cheese, and that they experienced heavy spending from lower-income customers.
BJ’s also said its new store development program has been successful and that it plans to continue an aggressive expansion pace. Seven new stores have opened so far this year, and a Wayne, NJ location is slated to open this weekend. BJ’s forecasted unit growth in the 4-5% range for the foreseeable future.
“Our pipeline is very healthy at this point,” said President and CEO Bob Eddy. “All the clubs we’ve opened in the last few years have outperformed what we thought they would do, so that gives us a ton of confidence to continue to keep our foot on the gas from a real estate perspective.”