BJ - BJ's Wholesale Club Holdings Inc. (BJ) Q1 2024 Earnings Call Transcript

2024-05-23 18:17:08 ET

BJ's Wholesale Club Holdings, Inc. (BJ)

Q1 2024 Earnings Conference Call

May 23, 2024 08:00 AM ET

Company Participants

Cathy Park - IR

Bob Eddy - Chairman & CEO

Laura Felice - CFO

Bill Werner - EVP, Strategy & Development

Conference Call Participants

Peter Benedict - Baird

Kate McShane - Goldman Sachs

Simeon Gutman - Morgan Stanley

Robby Ohmes - Bank of America

Chuck Grom - Gordon Haskett

Greg Melich - Evercore ISI

Michael Baker - D.A. Davidson

Edward Kelly - Wells Fargo

Chuck Cerankosky - Northcoast Research

Presentation

Operator

Hello, everyone, and welcome to the BJ's Wholesale Club Holdings, Inc., First Quarter Fiscal 2024 Earnings Conference Call. My name is Candice, and I will be coordinating your call today. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference call over to your host, Cathy Park. Please go ahead.

Cathy Park

Good morning, and welcome to BJ's first quarter fiscal 2024 earnings call. Joining me today are Bob Eddy, Chairman and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy and Development.

Please remember that during this call, we may make forward-looking statements within the meaning of the federal securities laws. These statements are based on our current expectations and involve risks and uncertainties that could cause actual results to differ materially from our expectations described on this call. Please see the Risk Factors sections of our most recent Form 10-K and Form 10-Q filed with the SEC for a description of those risks and uncertainties.

Finally, please note that on today's call, we'll refer to certain non-GAAP financial measures that we believe will provide useful information for investors. The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

Please refer to today's press release and latest investor presentation posted on our Investor Relations website for a reconciliation of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP.

And now, I'll turn the call over to Bob.

Bob Eddy

Good morning, everyone. Thanks for joining us today to discuss our first quarter results. The first quarter was marked by continued strong growth in membership fees and market share. We are also proud of the continued growth in comp sales. We expected the first quarter to be a tough lap given last year's inflation dynamics, so we are particularly proud of our continued momentum, underpinned by strong traffic and unit growth....

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