BJ’s to open 12 new stores in 2024; will enter new state next year
BJ’s Wholesale Club Holdings continues to expand into new markets.
The Massachusetts-based membership warehouse club chain will open its first club in Kentucky, in Louisville, in early 2025. Located near Jefferson Mall, the upcoming location will also include a BJ’s Gas station.
The planned entrance into Kentucky, which will be BJ's 21st state, continues the chain’s growth. The company expanded into the nearby states of Tennessee and Alabama in 2023, and at the start of this year, the chain opened its 37th club in Florida. Most recently, in February, BJ’s opened its third location in Tennessee, in Goodlettsville.
On the company’s fourth-quarter earnings call on Thursday, BJ’s chairman and CEO Bob Eddy said the company is planning to open 12 new locations in fiscal year 2024, and 15 new gas stations. He noted BJ’s currently has more new units in its pipeline than at any time over the past 20 years.
For the the 14-week period ended Feb. 3, BJ’s revenue rose 8.7% to $5.357 billion, compared with $4.93 billion for the 13-week period in the year-ago quarter. Membership fee income increased by 6.5% year-over-year to $108.4 million. Total comparable club sales decreased by 0.4%.
Comparable sales, excluding gasoline sales, rose by 0.5% year-over-year led by accelerating traffic. Net income totaled $145.9 million, or $1.08 a share, compared with $129.8 million, or $0.95 a share, in the prior year’s quarter.
“We ended fiscal 2023 on a strong note,” stated Eddy in the earnings release. "Our membership grew in robust fashion and we continue to retain members at all-time high rates. We delivered impressive market share gains in our clubs and at our gas pumps, driven by acceleration in traffic and growth in units sold.”
Each new BJ’s location is expected to create approximately 150 jobs for its respective community. Clubs feature an assortment of fresh foods, produce, full-service deli offerings, bakery goods, grocery staples and household essentials, in addition to home décor items, toys, tech products and pet supplies.
Founded in 1984, BJ’s operates 244 clubs and 175 BJ's Gas locations in 20 states.