"Lower inflation is a headwind to our reported [comparable-club sales] but it helps our members, who have coped with higher prices for the better part of the.
Dive Brief:
Same-store grocery sales at BJ Wholesale Club were off 10% during the first quarter compared with that time frame in 2020, but rose 23% in comparison with their level during the same period two years ago, Executive Vice President and Chief Financial Officer Laura Felice said Thursday during the company s earnings call.
BJ s also announced on Thursday it plans to open six new locations in New Hampshire, Florida, New York, Pennsylvania and Michigan in 2021.
Like other retailers, BJ s is looking to reset expectations about its performance and future prospects as the pandemic-driven surge it recorded in 2020 subsides.
Dive Insight:
Even as BJ s digests financial results that were markedly down from the levels it recorded last year, the club retailer believes it is on strong footing for growth during the coming quarters.