BJ - BJ's Wholesale Club Holdings Inc. (BJ) Q4 2023 Earnings Call Transcript
2024-03-07 15:42:08 ET
BJ's Wholesale Club Holdings, Inc. (BJ)
Q4 2023 Earnings Conference Call
March 07, 2024, 08:00 AM ET
Company Participants
Cathy Park - Investor Relations
Bob Eddy - Chairman and Chief Executive Officer
Laura Felice - Chief Financial Officer
Bill Werner - Executive Vice President, Strategy and Development
Conference Call Participants
Robby Ohmes - Bank of America
Simeon Gutman - Morgan Stanley
Michael Baker - D.A. Davidson
Oliver Chen - Cowen
Ed Kelly - Wells Fargo
Kate McShane - Goldman Sachs
Presentation
Operator
Good morning, everyone, and welcome to the BJ's Wholesale Club Holdings, Inc. Fourth Quarter 2023 Earnings Conference Call. My name is Drew, and I'll be coordinating your call today. [Operator instructions]
I'll now pass the call over to your host, Cathy Park. Please go ahead.
Cathy Park
Good morning, and welcome to BJ's fourth quarter fiscal 2023 earnings call. On the call with 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 will 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 fourth quarter and full year results for 2023. We ended the year with strong results, highlighted by robust growth in the fourth quarter. This growth in membership, traffic, units, and market share capped off another dynamic year. I'm proud of how our team managed through the changing landscape while maintaining our focus on long-term priorities and never losing focus on delivering value to our members.
We finished the year with momentum, and I believe we are well-positioned for long-term growth. Our comparable club sales, excluding gas sales, grew by half a point in the fourth quarter. This result was at the high end of our guidance range and landed us at 1.7% for the full year. Traffic, which has been positive all year, accelerated even further in the quarter, contributing about 3 percentage points to our comp.
Critically, we also turned the corner on unit volumes in Q4 with positive comp units led by our consumables business. As a result, we continue to gain market share in the quarter as we have all year. We believe our strong commitment to value is resonating with our members as they increasingly rely on BJ's for their shopping needs.
Our perishables, grocery, and sundries divisions delivered comp growth of nearly 1% in the fourth quarter. This was driven entirely by year-over-year volume growth unlike the rest of the market which continued to face unit declines....
BJ's Wholesale Club Holdings, Inc. (BJ) Q4 2023 Earnings Call Transcript