BJ’s Wholesale Club reported strong year-over-year growth as the Westborough-based retailer launches a new plan for growth.
The company reported profits for 2019 of $187.2 million, or $1.35 per diluted share, reflecting 29% year-over-year growth.
The strong performance was not reflected in the fourth quarter results, however, with profits down 35.1% year-over-year. While the company’s stock on the New York Stock Exchange fell 3% by 9:30 a.m., it had climbed back half way by 10:15 a.m.
In the press release announcing the company’s year-end results, President and CEO Lee Delaney said the company’s priority is to accelerate growth. The company launched Project Momentum in the fourth quarter, which is a cost reduction program expected to generate savings over the next two years and allow for investment in more opportunities such as expanding membership.
