BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) Q1 2022 Earnings Conference Call May 19, 2022 8:30 AM ET
Company Participants
Catherine Park - VP, IR
Robert Eddy - President, CEO
Laura Felice - CFO
William Werner - EVP, Strategy & Development
Conference Call Participants
Robby Ohmes - Bank of America
Peter Benedict - Baird
Mike Baker - D.A. Davidson
Edward Kelly - Wells Fargo
Kate McShane - Goldman Sachs
Chuck Grom - Gordon Haskett
Blake Anderson - Jefferies
Krisztina Katai - Deutsche Bank
Operator
Hello, everyone, and welcome to the BJ's Wholesale First Quarter 2022 Earnings Conference Call. My name is Victoria, and I will be coordinating your call today. [Operator Instructions]
I'll now pass over to your host, Cathy Park, to begin. Please go ahead.
Catherine Park
Good morning, and thank you all for joining BJ's Wholesale Club's first quarter fiscal 2022 earnings conference call. Bob Eddy, President and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy and Development are on the call.
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 section 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 posted on the Investors section of our website for a reconciliation of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP.
With that, I'll turn the call over to Bob.
Robert Eddy
Good morning. Thank you for joining us today. In the first quarter, we continued to build on the transformational gains we have driven over the last two years. Our membership continues to get stronger achieving new all-time records in key membership metrics, including eclipsing 6.5 million members in the first quarter.
Our digital business remains a key competitive advantage. We are quickly expanding our footprint, opening three clubs already this year. Our recent acquisition of our perishable distribution network from Burris Logistics will support our future growth efforts and with this environment of high inflation and waning government stimulus stretching consumer wallets, value is becoming a necessity in purchasing decisions being made today. As a result, the club channel remains more relevant than ever and we are delivering more value to our members while executing on our key initiatives to drive membership lifetime value.