BJs 2026年二季度业绩电话会议纪要

发布时间：2026-08-22 一、AI总结内容 一、核心要点 1. 2026年第二季度BJs批发俱乐部业绩向好：净销售额同比增15.9%，不含汽油的商品可比店销售增3.1%，会员数达850万，调整后每股收益1.36美元同比增19.3%，为2018年上市以来单季最高水平。 2. 多品类表现突出：日用品类同比增2.8%，一般商品及服务类增5.3%，其中消费电子、家居表现亮眼，食品饮料、营养补充品等细分领域通过优化品类获得增长。 3. 会员业务：会员费收入同比增9.9%，会员数量创历史新高，高阶会员占比达43%，创历史最佳；会员参与度、忠诚度提升，自动续费比例创历史新高。 4. 业务增长驱动：可比店销售由流量和客单平衡贡献；数字业务表现强劲，订单量同比增30%，两年累计增64%，使用数字便利服务的会员消费更多、忠诚度更高；新店扩张提速，二季度在得克萨斯州开3家新店，全美的新店策略延续，多数新店业绩超过门店平均水平。 5. 成本与投资：商品毛利率同比降20个基点，因持续投入会员价值；汽油销量同比增10.5%，跑赢行业，燃料利润超预期；用关税退款、零售媒体、汽油收益等补充成本端，提升会员价值以巩固长期会员生命周期价值。 二、投资线索 1. 品类优化（CMPS）：未来2年计划削减20%冗余SKU，减少重复选项，增加创新产品和空白品类，实现降SKU同时增销售、提利润，当前存量门店SKU约7500个，新店约6000个。 2. 新店扩张：当前开店速度为每年12-15家，目标每2年开25-30家，团队正在规划2028-2030年的项目，得克萨斯州等新市场表现良好，未来计划加速开店节奏。 3. 自有品牌：自有品牌年销售额数十亿美元，核心是优质低价，在细分市场价格比同类 national品牌低35%，计划扩大自有品牌渗透率。 4. 数字业务：持续投入数字化，包括APP、网站、当日达服务等，提升会员参与度，优化会员购物体验和忠诚度。 5. 汽油业务：利用汽油折扣吸引、留存会员，当前有超200万联名信用卡会员享受每加仑10%-15%折扣，汽油成为会员获取和留存的重要工具。三、风险与关注 1. 通胀压力：尽管通胀低于1%，但成本端仍有压力，需平衡会员价值投入与成本控制。 2. 会员费增长放缓：会员费增长的利好影响将在年内逐步消退，后续会员增长需靠业务本身价值驱动。 3. 新店培育：得克萨斯州等新市场的门店仍需时间达到成熟，后续扩张的成功依赖市场响应和运营能力。 4. 行业竞争：传统零售商等竞争对手也在调整价格策略，需持续巩固自身价值定位和市场份额。四、后续计划 1. 二季度启动全国范围round up慈善活动，支持丹娜法伯癌症研究所，结合会员价值传递企业使命。 2. 全年指引维持：不含汽油的可比店销售增长2%-3%，调整后每股收益指引上调至4.60-4 .80美元。 3. 持续投入长期增长：包括会员、品类、数字化、新门店布局等，提升会员体验和公司长期价值。 二、音频原文（转写） We have other initiatives that will fund them inthe back half of the year and so i think the worry that margin rates will decline precipitouslywhen we don't have the tariff funding is is misplaced i do think we've identified other placestofunding and that you can you can think about what those might be the tariff refunds we we talked about are all first person tariffs so the things that we paid and gotten.Refunded we we are now working with our suppliers to get our fair share of their refunds we are you know working with our our suppliers to figure out the the optimal assortments and in some cases that that may come with margin benefits there we've we've gotother sources of marginlike like others do with with retail media and and some other things and certainly gasplays in there as well we would alwaystake some portion of of any onequarters gas beat and invest those as well and so we understandour job is to deliver margin dollars globally not necessarily a particular rateyou know within reason i don't really care about any particular rate i i know my job is to deliver profitdollar growth.And that's frankly what our members expectfrom us too they want the right prices and andthat means we got to go get the right cost and so we will continue to find ways to invest in ourmembership and and take every opportunity we can to do sothank you and just our followup question is on general merchandise i wondered if you could kind of talk through what we can expect from that category in q three and to four given what we're laughing last year and just given new leadership with within merchandisingyeah sure i mean um jim has been on a little bit of ah a run lately which is great to see it was once would argue our weakest business and and now we're start ing to make some some progress that progress started in our consumer electronics area which hasprobably been our strongest area and that's thethe easiest toin, fact, butyou know our team hasdone a nice job improving our assortment at home we talked a little bit about that and our prepared remarks in in some of those categories andand our seasonal business was positive computer as well that's a big business in the second quarter and it was nice to see that get positive we've got some room to to improve there for sure andwe've got some rooms to approve and apparel andthe rest of the categories butyou know for me nice to see a continued positive conference niceto see the breadth of ah of the comp and you know under the covers so you mentioned the changesin merchandizing leadership stephanie reitlingsdone a fantastic job you know just our merchanize is where the core of her experience liesshe'sgot her fingerprints on some of these early winsbut but know that they are early we will go through this assortment ruthlessly and make sure we're we're offering the right products at the right value and and we've also added some talent beneath stephanie inarea with a new dmm of generalmerchandise and and a couple new dmms as well so starts with the team right we've got we've gota fantastic team and they are all on the groundand and.And working hard to to make sure that the next quarter is better than better than thankyou too and i guess i would just again say justkeep in mind the the big laugh we have in two four from a gm perspective and other than that we're very pleased with with where we landed the quarthank youyour next question comes from the line of mike baker with d a davidson your line isopen please go ahead.Thank you i wanted to focuson texas a little bit you said you were thirtypercent ahead of plan what is the plan relativeto sort of company average or or typical openings how big can texas be what are you seeing compe titively