Membership Growth & Loyalty

Previously discussed in Q1 2026 " " " , Q4 2025 " " " " , and Q3 2025 " " " with emphasis on growing member counts, enhanced premium membership penetration, and effective fee increase management.

In Q2 2026, BJ’s highlighted an 8,000,000 member milestone with a record 41% premium membership penetration and a smoothly executed fee increase. " " " "

Consistent robust growth with continuously improving premium penetration and managed fee increases, reinforcing member loyalty over time. " "

Digital Transformation & Engagement

Q1 2026 emphasized double‐digit digital sales growth and digital conveniences such as BOPIC and ExpressPay. " " " Q4 2025 stressed mobile app improvements and digital engagement " " " " while Q3 2025 highlighted AI-powered search enhancements and innovative fulfillment processes. " "

Q2 2026 reported a 34% year-over-year increase in digital sales, with 90% of digital sales fulfilled in-club, underlining advanced digital convenience initiatives. " "

A recurring focus on digital initiatives with growing emphasis on convenience and advanced solutions (including AI features), pointing to an increasingly tech-enabled member experience. " " "

Gas Segment Performance & Integration

Across prior periods (Q1 2026 " " , Q4 2025 " , Q3 2025 " " ), BJ’s consistently reported modest to strong gains in gas sales, new gas station integrations, and market share growth.

In Q2 2026, the gas segment outperformed with total gas gallons up 7% driven by new club integrations and added stations, reinforcing BJ’s value proposition on fuel. " "

Steady, strong performance with accelerated growth and consistent integration of gas stations, reinforcing competitive market share gains. " " "

Disciplined Inventory Management & Pricing Strategy

Q1 2026 included disciplined buying and inventory reductions in tariff-exposed categories. " " Q3 2025 noted general inventory management improvements " , and Q4 2025 discussed tariff mitigations in cost management without the explicit “disciplined” label. " "

Q2 2026 explicitly focused on a prudent and disciplined approach to inventory in tariff-exposed categories, with reduced orders in areas like holiday décor and improved in-stock levels. " " " "

An enhanced and more detailed focus in the current period on managing tariff risks through disciplined inventory and pricing strategies compared to previous broader discussions. " "

Macro Uncertainty, Tariff Risks & Supply Chain Disruptions

Q1 2026 provided detailed commentary on operating in uncertain times with tactical sourcing and cost-management measures. " " " " Q4 2025 mentioned economic and tariff-related pressures " " " , while Q3 2025 touched lightly on external disruptions. "

Q2 2026 offered an in-depth review of macro uncertainty, noting modest inflation impacts, detailed tariff risks, and proactive supply chain and inventory adjustments to balance rising costs. " " " " " "

A recurring area of concern with consistent acknowledgment of external risks; the current period features more quantitative detail and proactive mitigation strategies, reflecting heightened vigilance. " "

Aggressive Club Expansion & Real Estate Strategy

Discussed across Q1 2026 emphasizing aggressive new club openings and relocations " " " " , Q4 2025 highlighting a large pipeline and balance sheet flexibility " " " , and Q3 2025 focusing on rapid club pace and an ownership model. " "

Q2 2026 described successful new club openings and relocations (e.g. Mechanicsburg) along with plans to enter the Dallas-Fort Worth market, reinforcing aggressive expansion. " "

Consistent aggressive expansion with ambitious new club openings, relocations, and geographic diversification, underscoring a long-term growth strategy. " " "

Fresh 2.0 Initiatives & Margin Impact

In Q1 2026, Fresh 2.0 was noted for driving high produce comps and being extended to meat and seafood " " " " ; Q4 2025 called the initiative an “unmitigated success” with expansion plans despite margin trade-offs " " ; and Q3 2025 detailed double-digit growth in fresh categories. " " " "

Q2 2026 continued to showcase Fresh 2.0’s success in produce, meat, and seafood while acknowledging short-term margin pressures as necessary investments for long-term member engagement. " " " "

Consistently strong growth in fresh categories with Fresh 2.0, balanced by managed short-term margin pressures in exchange for enhanced member engagement and long-term value. " "

Margin Pressure & Investment Costs

Q1 2026 discussed rising SG&A due to new club investments and small margin investments " " " ; Q4 2025 noted SG&A pressures, preopening expenses, and capital expenditure challenges " " " ; Q3 2025 provided detailed insights on SG&A deleverage and preopening expense management. " " "

Q2 2026 reiterated ongoing investments in pricing and memberships, with rising SG&A and preopening expense challenges from aggressive expansion, but with optimism about long-term benefits. " " "

A steady challenge across periods: substantial investments driving short-term margin pressures and rising SG&A, yet the sentiment remains cautiously optimistic about long-term returns from growth initiatives. " "

Weather-Related Headwinds

Q1 2026 noted unfavorable weather impacting discretionary, high-ticket items. " Q3 2025 mentioned weather influences like hurricanes and a port strike that had mixed, sometimes positive, impacts. " " Q4 2025 did not mention weather factors.

Q2 2026 emphasized the negative impact of unseasonably wet and cold weather on traffic and sales, especially in specific regions and product categories. " " "

Weather remains an inconsistent but important external risk factor; its negative impact was prominent in Q2 and Q1, while Q3 showed mixed effects and Q4 did not reference it, indicating variability in its influence on performance. " " "