BJ’s Wholesale Club increased profits $234M in 2020
Photo | Grant Welker
BJ's Wholesale Club headquarters in Westborough. The company announced it's opening four new locations over the next few months.
The increase in grocery sales from consumers during the coronavirus pandemic led BJ's Wholesale Club to set records for earnings in 2020, generating profits of $421 million, an increase of 125% from 2019.
The Westborough company’s yearly report released Thursday showed sales up 17% year-over-year, resulting in an adjusted earnings per share increase of 111.6% year-over-year to $3.09. Gross profit increased to $2.979 billion in fiscal 2020 from $2.427 billion in fiscal 2019.
The strong performance came as a result of a year that “structurally changed our business for the better,” Lee Delaney, president and CEO, BJ’s Wholesale Club, said in a press release. The pandemic provided a tailwind, he said, allowing the company to expand both its digital offerings and geographically.
In the fourth quarter alone, digitally enabled sales grew 168% when compared to the previous year’s fourth quarter. Income for the fourth quarter increased 129.6% year-over-year to $95.9 million. Adjusted earnings per share were up 75% in the quarter to $0.70 per share. Gross profit increased to $742.6 million in the fourth quarter of fiscal 2020 from $622.2 million in the fourth quarter of fiscal 2019.
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