BJ’s Wholesale Club continues to be a major beneficiary of the coronavirus pandemic and the way it has reshaped the consumer industry.
The Westborough retailer saw sales jump by 24% in the second quarter, and income from continued operations spiked by far more: 97% year-over-year to hit $106.7 million. Net income nearly doubled to $106.6 million.
That was record profitability for BJ’s, Lee Delaney, the company’s president and CEO, said in a statement.
“Our business has been transformed and strengthened in the last six months by every measure,” Delaney said.
Net sales in the second quarter hit nearly $3.9 billion, up 18% from a year ago. In the last six months, which roughly overlap with the pandemic, BJ’s has seen operating income from continuing operations jump from $169 million a year ago to $307 million this year. Net income has more than doubled to $202 million during that time.
BJ’s, whose second quarter ends Aug. 1, reported the financials on Aug. 20.
BJ’s also said it repurchased $34.1 million worth of stock in the quarter, bringing the total through the first half of its fiscal year to $38.1 million. Those repurchases come as BJ’s stock has soared since the pandemic hit. Shares opened the year at $22.38 and peaked at $47.11 on Aug. 24.
