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if you look at patio sets the structure, if you look at television and sort of high-dollar electronics, it’s a very picky consumer out there at this point from a high ticket perspective
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2023 Q1
23 May 23
I would tell you the biggest thing that we are seeing is members being much more reticent about almost anything big ticket
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2023 Q1
23 May 23
We currently serve over 6.8 million members. And in the first quarter, we grew our member count by approximately 5% and year-over-year.
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2023 Q1
23 May 23
The combination of our comp sales growth, merchandise margin improvement and better-than-expected gas profits contributed to adjusted EBITDA growth of approximately 16%
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2023 Q1
23 May 23
We also gained share in our gasoline business in the first quarter
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2023 Q1
23 May 23
Our merchandise gross margins improved dramatically in the quarter as supply chain headwinds that we faced last year became tailwinds this year, driven by declining diesel and ocean freight costs.
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2023 Q1
23 May 23
our general merchandise and services comp was down 8% year-over-year
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2023 Q1
23 May 23
Merchandise comparable club sales which exclude gas sales were up 5.7% in the first quarter as our food and sundries businesses remained robust with comp sales up 8%.
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2023 Q1
23 May 23
our market share is about 50 basis points higher than it was pre COVID
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2023 Q1
23 May 23
we are pleased to have grown market share across our core business in the first quarter
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2023 Q1
23 May 23
more than half of our merchandise comps were driven by growth in traffic
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2023 Q1
23 May 23
SG&A expenses for the quarter were $674 million. The year-over-year increase was primarily attributable to increased labor and occupancy costs as a result of new club and gas station openings, as well as $6 million in costs associated with the transition to our new club support center.
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2022 Q3
12 Dec 22
our outlook on margin also remains unchanged in that we still see ongoing but slightly easing merchandise margin pressure driven by investments in price and elevated supply chain costs.
As such, we expect the year-over-year change in merchandise margin rate to remain negative in the fourth quarter but better than the 30 basis point decrease we delivered in the third quarter.
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2022 Q3
12 Dec 22
our merchandise gross margin rate decreased by 30 basis points primarily due to a higher supply chain cost and inflation
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2022 Q3
12 Dec 22
Merchandise comp sales, which excludes sales of gasoline, increased by 5.3% and was driven by about equal parts traffic and basket growth.
Our two-year stack was up 11%, reflecting a three-year stack of up 29.5%.
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2022 Q3
12 Dec 22
Our general merchandise and services division comp grew by 3% in the third quarter. The growth was led by optical, home improvement and tires, where we’ve made tweaks to our offering to provide greater value. Comps in this division were up 7% and up 21% on a two-year and three-year stack respectively as discretionary spending continues to normalize toward a new higher base from the past two years.
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2022 Q3
12 Dec 22
We’ve also had headwinds all over the business, most notably in margins this year as supply chain costs and general merchandise markdowns really impacted our margins throughout the year, and so I do think it will be tough to lap the gas income that we’ve seen this year. It’s been by far the most profitable gasoline year we’ve ever seen.
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2022 Q3
12 Dec 22
those clubs that have a gas station have better membership results, particularly better membership renewal.
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2022 Q2
30 Aug 22
gallons up 40% on a two-year stack and 18% up this last quarter.
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2022 Q2
30 Aug 22
our membership gains have not slowed down
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2022 Q2
30 Aug 22