May 22nd, 2026

The call presented multiple strong operational and financial positives: robust top-line growth (~10% sales increase), double-digit membership fee growth (~10%), significant digital acceleration (+28%), gasoline volume and share gains, successful new-market openings (Texas ahead of plan), and maintained full-year guidance. Offsetting these strengths are margin pressures (merch margins down ~10 bps; excluding tariff benefits down ~60 bps), a decline in adjusted EPS due to a prior-year tax benefit, fuel-price volatility impacting member behavior and potential inflationary cost pressures, and concentration of sales growth among higher-income members. On balance, the company is executing growth initiatives while investing in member value, but near-term margin and consumer-segmentation risks were highlighted.

Company Guidance

BJ’s reiterated its full‑year outlook, with comparable club sales excluding gasoline expected to grow 2–3% and adjusted EPS of $4.40–$4.60, noting that “everything we know today” is built into the outlook. The call anchored that guidance to Q1 results — net sales nearly +10% to ~$5.5B, total comparable club sales +6.3% (merchandise comps ex‑gas +1.5%), 2‑year stacked comps healthy, adjusted EBITDA +~4% to $298M and adjusted EPS $1.10 — and to membership strength (membership fee income +~10% to $132M, total members at an all‑time high). Margins: merchandise gross margin down ~10 bps (ex‑tariff benefits down ~60 bps; tariff benefit ~50 bps or ~ $20M), SG&A ~$806M; inventory +6.5% YoY (inventory per club +2.8%). Fuel volumes were strong (comparable gallons nearly +8%; comp gallon growth >10% in March/April) and April pump spend was +$143M (≈3.5% merchandise comp equivalent). Management cautioned that tariff, fuel and freight moves could affect cadence and that membership fee growth may moderate as they lap last year’s fee increase.