BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) Q1 2023 Earnings Conference Call May 23, 2023 8:00 AM ET

Company Participants

Cathy Park - Investor Relations

Bob Eddy - President and Chief Executive Officer

Laura Felice - Chief Financial Officer

Bill Werner - Executive Vice President, Strategy and Development

Conference Call Participants

Kate McShane - Goldman Sachs

Edward Kelly - Wells Fargo

Chuck Grom - Gordon Haskett

Simeon Gutman - Morgan Stanley

Robby Ohmes - Bank of America

Peter Benedict - Baird

Mike Baker - D.A. Davidson

Mark Carden - UBS

Operator

Hello, everyone and welcome to the BJ’s Wholesale Club Q1 2023 Earnings Conference Call. My name is Carla and I will 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 thank you for joining BJ’s Wholesale Club’s first quarter fiscal 2023 earnings conference call. On the call today are Bob Eddy, President 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 the latest investor presentation posted on our IR site for a reconciliation of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP.

With that, I will turn the call over to Bob.

Bob Eddy

Good morning. Thank you for joining us today. It’s a pleasure to be here today to discuss the results that we reported this morning. In the first quarter, our business continued to perform at a high level, demonstrating the power of our member-centric model and the warehouse club channel.

At our Investor Day in March, we shared with you several significant milestones resulting from the company’s incredible transformation, including a record 90% membership renewal rate surpassing $1 billion in adjusted EBITDA and nearly tripling our adjusted EPS since fiscal 2018. We achieved these results by steadfastly focusing on value, driving market share gains. We have created a growing and profitable digital business, and we have accelerated our footprint expansion. We built on these milestones in the first quarter with the launch of our co-brand credit card program.