BJ’sホールセール・クラブ 2026年度第2四半期決算説明会：燃料部門の好調を受けEPS予想を上方修正

BJ'sホールセール・クラブ（NYSE: BJ）の2026年度第2四半期決算は、会員数の増加、客足の好調、デジタル売上高の伸長、燃料部門の堅調な業績に支えられ、会社側の社内予想を上回る結果となりました。経営陣は商品既存店売上高の見通しを維持する一方、通期の調整後EPS（1株あたり利益）見通しを引き上げました。

主要なポイント

• 売上高は前年同期比15.9%増の61億ドルとなりました。ガソリンを除く商品既存店売上高は3.1%増加し、客数と客単価がほぼ同程度寄与しました。
• 調整後EPSは19.3%増の1.36ドル、調整後EBITDAは14.3%増の3億4,700万ドルとなりました。経営陣は、燃料部門の好業績が大きく貢献したと説明しました。
• 会員数が850万人に達したことで、会費収入は9.9%増の1億3,600万ドルに増加しました。上位プラン会員の比率は過去最高の約43%に達しました。
• 燃料販売量は10.5%増加しました。これは同社が提示した業界全体の既存店販売量の約5%減少とは対照的です。燃料部門の利益は経営計画を上回りました。
• デジタル対応の既存店売上高は30%増加し、2年間の累計成長率は64%となりました。デジタル売上高は全体の約19%を占めました。
• BJ'sは通期の調整後EPSの見通しを4.60ドル〜4.80ドルに引き上げましたが、ガソリンを除く既存店売上高の成長率見通しは2%〜3%に据え置きました。

主要財務データ

当四半期中のインフレ率は1%未満にとどまりました。1店舗あたりの在庫は前年同期比で2%増加した一方、店頭の在庫率はほぼ横ばいでした。

事業および営業業績

BJ'sは18四半期連続の客数増加と、15四半期連続の市場シェア拡大を記録しました。商品既存店売上高は2年累計ベースで5.4%増加しました。経営陣によると、すべての所得層で既存店売上高が伸びたものの、引き続き高所得層の会員が成長の大半を牽引しています。

生鮮食品・食料品・日用品の既存店売上高2.8%増は、食料品が主導しました。飲料およびアクティブ・ニュートリション部門は、同社のカテゴリーマネジメント・プロセスを通じた商品構成の見直しの恩恵を受けました。一般商品・サービスは5.3%増加し、家電製品とホーム用品が最も大きく寄与しました。

経営陣は、今後数年間で取扱品目数（SKU）の約20%を削減する一方、革新的な製品を追加し、品揃えの隙間を埋める計画です。既存店舗の現在の取扱品目数は約7,500 SKUですが、同社は時間をかけて約6,000〜6,500 SKUへと集約することを目指しています。

燃料部門は引き続き主要な収益ドライバーとなりました。会員需要の高まりとガソリンスタンド網の拡大に支えられ、既存店の燃料販売量は10.5%増加しました。ガソリンスタンド数はIPO当時より50%増加しており、200万人以上の会員が提携クレジットカードを利用して1ガロンあたり0.10ドルまたは0.15ドルの割引を受けています。

デジタルの活用も加速しました。オンライン注文・店舗受け取り、当日配送、Express Pay（事前決済）など全チャネルで成長し、デジタル対応の既存店売上高は30%増加しました。経営陣によると、デジタルを活用する会員は支出額が多く、来店頻度が高く、更新率も高いとのことです。BJ'sのAIショッピングアシスタント「Bev」は、これまでに10万件以上の会員との会話を処理しました。

BJ'sは当四半期中にテキサス州のワキサハチー、フォートワース、グランドプレーリーの3店舗を開設し、同州内の店舗数は計4店舗となりました。テキサス州での会員獲得数は計画を30%以上上回り、同州のガソリンスタンド4店舗すべてが販売量でチェーン全体の上位30%に入り、そのうち2店舗は上位10%に入りました。

同社は今年度の残りの期間に、さらに7店舗の新規開店と1店舗の移転を予定しています。経営陣は2年ごとに25〜30店舗を開店するという目標を改めて表明し、新店舗は通常3〜5年で安定期（成熟）に入ると述べました。

経営陣による業績予想

経営陣は、この見通しが消費者および広範な経営環境に対する現在の評価を反映したものだと述べました。同社は、サプライヤーからの回収、品揃えの最適化、リテールメディア、燃料部門の利益などの施策を通じて、会員向け価格還元への原資投入を継続する方針です。

リスクと注視すべきポイント

• 経営陣は、消費環境におけるK字型の二極化が続いており、すべての所得層で改善が見られるものの、成長の大半は依然として高所得層の会員によるものだと述べました。
• BJ'sが価格還元と利益成長のバランスをとったため、商品売上総利益率は約20ベーシス・ポイント低下しました。
• 上半期の価格還元の原資に寄与していた関税の還付金は、ほぼ使い果たされました。経営陣は代替となる資金源を確保したと述べていますが、その実行力が引き続き重要となります。
• 前回の会費値上げによる効果が薄れるにつれ、会費収入の伸びは鈍化するとBJ'sは見込んでいます。
• 経営陣は、前年の港湾ストライキや一般商品の好調による反動から、第4四半期のハードルが高くなる（前年同期の比較対象が厳しくなる）点に言及しました。
• 新店舗への投資により、人件費、物件費、減価償却費が増加し、販売管理費（SG&A）の金額ベースでの押し上げ要因となりました。

アナリストQ&Aのハイライト

価格還元と利益率： 経営陣は、会員向け投資は四半期ごとの即時リターンではなく顧客生涯価値（LTV）を通じて評価されることを強調しました。来店頻度の向上が会員更新の重要な予兆指標とみなされています。同社は継続的な投資を持続可能な資金源と合致させる方針であり、特定の利益率を維持することよりも利益額の拡大に注力しています。

会員の質： BJ'sは、新規獲得と更新の業績が堅調であったと発表しました。自動更新の利用率と上位プラン会員の比率がともに過去最高に達したほか、既存店での会員数は当四半期中に2%〜3%増加しました。

客足と既存店売上高： 商品既存店売上高の3.1%増加のうち、約半分は客数増加によるものでした。経営陣は第2四半期終了時点でレンジの中央値付近に手応えを感じているものの、下半期の比較要因を考慮して通期の見通しを2%〜3%に据え置きました。

テキサス州での拡大： 経営陣は、テキサス州での業績がミシガン州などの市場への拡大成功事例と同水準にあると説明しました。新店舗は通常、開店後数年間で会員数と会員支出額を拡大させ、約3〜5年で安定期に達します。

商品構成の簡素化： カテゴリーマネジメントにおいては、代替品なしに取扱品目（SKU）を削減するのではなく、重複する選択肢を取り除くことに注力します。BJ'sは販売量を主力製品に集約しつつ、差別化された製品や手薄なカテゴリーを拡充していく方針です。

資本配分： 同社は会員基盤、マーチャンダイジング、デジタル機能、不動産への投資を引き続き優先しています。また、当四半期中に1億2,400万ドルの自社株買いを実施し、既存の枠組みに基づく自社株買い授権残高は約4億2,200万ドルとなっています。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello everyone. Thank you for joining us, and welcome to BJ's Wholesale Club Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Diana Rashkow, VP of Investor Relations. Diana, please go ahead.

Diana Rashkow

Good morning, and welcome to BJ's Second Quarter Fiscal 2026 Earnings Call. Joining me today are Bob Eddy, Chairman and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy and Development.

Please remember that we may make forward-looking statements on this call that are based on our current expectations. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from what we say on this call. Please see the Risk Factors section of our most recent SEC filings for a description of these risks and uncertainties. Please also refer to today's press release and latest investor presentation posted on our Investor Relations website for our cautionary statement regarding forward-looking statements and non-GAAP reconciliations.

And now I'll turn the call over to Bob.

Robert Eddy

Good morning, everyone. Thank you for joining us today. I'm very pleased to share that we delivered a strong second quarter, one that came in ahead of our expectations and reflects the continued momentum in our business. Net sales were up nearly 16% year-over-year and merchandise comps grew 3.1%, with traffic accelerating during the quarter. This marks our 18th consecutive quarter of traffic growth and our 15th consecutive quarter of market share gains. On a 2-year stack basis, merchandise comps were 5.4%, in line with where we were last quarter, which speaks to the durability of our momentum. The comp was driven by a healthy balance of traffic and ticket and we've delivered for our members when it mattered most, including during events like the World Cup and America 250. Simply put, our value proposition continued to resonate, and I want to thank our teams for their commitment to executing at a high level across our company.

Our perishables, grocery and sundries division delivered solid comp growth of 2.8% in the quarter, led by grocery. We saw particular strength in beverages and Active Nutrition, where assortment updates through our category management process have been resonating well with members, and we're pleased with the momentum we're building in this part of the business. Our general merchandise and services division sustained comp growth of 5.3% in the quarter, and I'm pleased with the breadth of performance across the division. Consumer electronics continue to lead the way and Home was a strong contributor. The results reflect the work our teams have been doing to put the right products at the right value in front of our members.

Gas prices remained elevated during the quarter, and our members continued to seek us out for the value we offer at the pump. Comp gallons were up double digits, accelerating from the strong results we saw in Q1 and a clear signal of the share we continue to take. Gas prices are about as visible as it gets for consumers. There's a price on every street corner, and our members know that we offer great value. Strong volume growth, combined with favorable pullback from peak gas prices drove fuel profit dollars ahead of plan, which was a meaningful contributor to our overall results.

Taking a step back to assess the consumer environment, the K-shaped economy persists, though we did see some sequential improvement during the quarter. We drove comp growth across all income cohorts, which is encouraging, and our value proposition continues to resonate broadly. That said, the vast majority of our growth continues to be driven by our higher income members, which is consistent with what we've seen for some time now. In an environment where consumers remain discerning with their dollars, we know our job is to make sure we're putting the right products at the right value in front of every member who walks through our doors. All told, it was a strong quarter across the board. Sales, membership, margin dollars and the bottom line all came in ahead of our expectations. Adjusted EPS was $1.36, up 19% year-over-year. And to put that in perspective, we earned more in this single quarter than we did in the entire year we went public back in 2018. That's a remarkable statement about how far this business has come.

With that as a backdrop, let me turn to the progress we're making on our strategic priorities. Let me start where I always do with membership, which remains the foundation of everything we do. We reached a new milestone of 8.5 million members this quarter, and that's worth pausing on. Over the last 25 years, we've grown our membership fee income at an 8% CAGR. Since our IPO, we've added more than 3 million members. And in just the past 2 years, we've added over 1 million members. That kind of compounding growth is earned by consistently delivering the value and convenience our members expect from us. The current quarter was no exception. Membership fee income grew nearly 10% year-over-year. And what matters most to us isn't just the number, it's the quality of the membership base we're building. One of the best measures of that quality is MFI per member, which has grown consistently year-over-year, reflecting the strength of our acquisition, retention and higher tier penetration across both new and existing clubs.

On experience, our price gaps continue to improve and the market dynamics are working in our favor. Traditional grocers have been raising prices, creating an even more favorable backdrop for our value proposition. We continue to gain share. And as our price gaps improve, unit share has become an even clearer signal a member preference. Based on industry data in the markets where we operate, the rest of the market saw unit sales decline while we saw unit gains with units growing more than 300 basis points faster than the market in the quarter. And that's not just a Q2 story. We've outpaced the market on units over the past year as well. That's an important distinction. Our model is built to grow both sales and units by delivering value, and that's exactly what we're doing.

Delivering great value isn't just about price though. It's about making sure that we have the right products on the shelf at the right pace. Part of delivering great value is knowing when to lean into a moment, and our merchants did just that this quarter. America turned 250 this year, and our team found a great way to celebrate with our members. We brought in truckloads of water melons at $3.99, while many other retailers were charging $5.99 and about 1 in 5 of our members had [ 1 in 5 ] charging $5.99 and about 1 in 5 of our members had 1 in their basket during this promotion. It's a simple example of what we do well, finding the right product at the right price and delivering real value to our members. We're building that capability systematically across our entire assortment through our category management process. CMP is about going deep on what our members want from us, category by category and making sure we have the right assortment at the right cost. And we're already seeing it show up in our results. The strength we saw in beverages and active attrition this quarter is a direct reflection of that work. And in Home, we've seen strong member response to renovated assortments across several categories, including housewares, textiles and refrigeration where we've made meaningful changes to our assortment and value positioning. We'll keep going systematically and over time will become embedded in how our merchandising team goes to work every day.

Turning to convenience. The investments we've been making here continue to pay off. Digitally enabled comp sales grew 30% in the quarter, reflecting 2-year stacked comp growth of 64%, and our members are telling us loud and clear they love what we're doing. What we're really focused on is saving our members' time in addition to saving them money, and that combination is powerful. Our members are engaging less digitally in many ways from buy online, pick up in club and same-day delivery to Express Pay in the club and growth is strong across all of them. Express Pay penetration, in particular, continues to grow and members who engage with our digital conveniences spend significantly more with us and are more loyal over time. Bev, our AI-powered shopping assistant is live and gaining momentum. She's now had over 100,000 conversations with members, helping them find products, check club hours and get more out of their membership. It's a great example of how we're using technology to take care of our members in new ways. And finally, our footprint. New clubs are a key engine of long-term growth for our business, and our team is delivering. We're making excellent progress on our footprint expansion.

In the second quarter, we opened 3 new clubs in Texas, Waxahachie, Fort Worth and Grande Prairie, bringing our total in the state to 4. We also added a new gas station in Edison, New Jersey. We have 7 additional club openings and 1 relocation planned for the remainder of the year, and we remain committed to our pace of 25 to 30 new clubs every 2 years. We also announced a new club coming to Tyler, Texas, further expanding our presence in the greater Dallas market. The performance of our new club portfolio remains very strong and is a key piece of our long-term strategy. For Texas specifically, we're very pleased with what we're seeing. Membership continues to track more than 30% ahead of plan. Member behavior is consistent with what we see in the other new clubs strong engagement across the box with higher GM penetration. And our gas volumes have been outstanding. To put a finer point on the value of gas to our members in Texas, all 4 gas stations are in the top 30% of our chain for gallons with 2 of the stations cracking the top 10%. This performance in Texas should not be a surprise as it follows the track record of success we've built with expansion in both new and existing markets.

Last quarter, 22 of the 23 clubs we opened across 2022 to 2024, comped above the chain average, with the 2024 class of 7 clubs comping double digits last quarter. The consistency of our performance is a testament to the teams who show up with the goal to make the next opening the best one yet, and I'm proud to say our teams are delivering on that promise. Before I turn it over to Laura, I just wanted to say that this was a quarter we can all be proud of, and it doesn't happen without an incredible team. Our team members across the clubs, distribution centers, supply chain and Club Support Center show up every single day to take care of the families who depend on us. And results like these are a reflection of their hard work and dedication. I'm proud of what we've accomplished together.

I'll now turn it over to Laura.

Laura Felice

Thank you, Bob. I'd like to echo Bob's gratitude for our team members across our clubs, supply chain and Club Support Center, whose dedication to our members and our purpose made this quarter possible. Let's dig into the results. Net sales in the second quarter were $6.1 billion, increasing 15.9% year-over-year. Total comparable club sales increased 11.9%, and excluding the impact of gasoline sales, merchandise comparable sales increased 3.1%, driven by a balance of traffic and ticket. Inflation was just under 1 point in the quarter.

Our perishable, grocery and sundries division comps up 2.8%, led by grocery, general merchandise and services grew 5.3%, driven by strength in consumer electronics and home. Membership fee income grew 9.9% to $136 million, reaching a new milestone of 8.5 million members. Please note that we continue to expect MFI growth to moderate throughout the year as the impact of last year's fee increase normalizes. Gross profit increased 10.3% to $1.11 billion, and merchandise gross margin rate decreased approximately 20 basis points year-over-year reflecting the balance of our continued investments in value for our members and our commitment to delivering for our shareholders. Fuel profit exceeded plan, supported by strong execution and favorable market conditions during the quarter. Comp gallons increased 10.5%, and we continue to take share as industry data indicates overall comp fuel gallons declined by approximately 5% during the period.

SG&A was $851 million and improved as a percentage of net sales year-over-year. The increase in absolute dollars was largely driven by the costs that come with opening new clubs and gas stations, including labor, occupancy and depreciation and as we continue to grow our owned club base. This is partially offset by a gain from a sale leaseback transaction on our new ambient distribution center in Ohio. Adjusted EBITDA increased 14.3% to $347 million, and adjusted EPS was $1.36, up 19.3% and ahead of our expectations, largely driven by the outperformance in our gas business.

Turning to the balance sheet. We ended the quarter with inventory levels up 2% year-over-year on a per club basis with in-stock levels approximately flat year-over-year reflecting the team's continued focus on getting the right product in the right clubs at the right time. Cash flow remained healthy in the quarter with adjusted free cash flow of $266 million, well ahead of the $87 million we generated in the second quarter of last year. reflecting the strong operating performance of the business. Our capital allocation strategy remains consistent. We believe the best use of our cash is applying it towards profitably growing the business, including investments in membership, merchandising, digital capabilities and real estate. We ended the quarter with net leverage of 0.5 turns, which continues to provide us with meaningful flexibility to invest in long-term growth. In the second quarter, we repurchased $124 million of shares, and we have approximately $422 million remaining under our existing repurchase authorization. We will continue to take a disciplined approach to deploying our capital to maximize shareholder value.

Turning to our outlook. We are pleased with our outperformance in the second quarter. We are maintaining our full year guidance of 2% to 3% comparable club sales growth, excluding gasoline. For adjusted EPS, we are raising our range and now expect $4.60 to $4.80 for the full year, reflecting the strong results we delivered in the second quarter, particularly in our gas business. As always, our outlook reflects our current view of the consumer and the broader operating environment, and we will continue to manage the business with discipline while investing for long-term growth.

With that, I'll turn it back to Bob.

Robert Eddy

Thanks, Laura. Before we open it up for questions, I just want to take a step back and reflect on what this quarter represents. We came in ahead of our expectations on nearly every dimension, sales, membership and the bottom line. This is not a coincidence. It's due to a talented team figuring out new ways to invest in our members. Our members continue to reward us for the value and convenience we provide, and that shows up in the traffic growth, the share gains and the membership momentum we've sustained. Our strategic priorities are working. The investments we've made in experience, convenience in our footprint are bearing fruit, and we are as excited as we've ever been about the road ahead.

As we wrap up, I want to talk about our purpose. We take care of the families who depend on us. We live this purpose every day. In Q3, we launched a chain-wide initiative that will let our members help live our purpose. Members can round up at the registers and club with donations going to the Dana-Farber Cancer Institute, a world-renowned organization at the forefront of cancer care and research. This campaign is a first for us, and we look forward to making a difference in the communities where we live and work. I also want to take a moment to recognize someone who has been a huge part of building what we have here. Paul Cichocki, our Chief Commercial Officer, is retiring after an incredible career and a great run with this company. Paul has been instrumental in so many of the merchandising and commercial advances that have made BJ's a stronger business, including building a great team ready to take over for him. Paul, you always drove with your heart, and it showed in everything you built here. Thank you for everything.

With that, let's take some questions.

Operator

[Operator Instructions] Your first question comes from the line of Edward Kelly with Wells Fargo.

質疑応答

Edward Kelly

I wanted to ask you about investment and you had the tax refund benefit, which you've been talking about playing into the business. Fuel has been strong as well. Can you just talk about how much of this is getting put back into the business? And then what do you think the return on that investment is as you think about sort of like the sales and the traffic?

Robert Eddy

Yes. Thanks for your question, and thanks for everybody's attention this morning. I understand there were some technical difficulties on the beginning of the call. I just know that we are going to post a copy of our prepared remarks on our Investor Relations website to hopefully clear that up and the recording should come out clear. But I wanted to apologize for that, certainly put a little bit of a damper on what I think are fantastic numbers for our company as we report those this morning, with overperformance in sales and margins and gasoline and membership on the bottom line, what was just a wonderful quarter that our team put together.

And I think, Ed, to get to your question, it is because of the investments we continue to make in our member. It's really our job to provide great products but most particularly great value on those great products, and we will take every opportunity we can to make investments in that idea. Certainly, we need to balance that with all of our other constituencies. But I know the team did a fantastic job this quarter. Doing so, we obviously had the tariff refunds that you mentioned for the past couple of quarters, and we're just about through those as we see today. And then we had a great quarter from a fuel profit perspective and invested some of those dollars in our membership as well. And the idea there is not necessarily short-term payback, it's long-term lifetime value.

And the idea is that the better people feel about our prices and our products and the value that they get from their membership, the more they come to see us. And we know that the frequency with which they come to see us as the biggest predictor of their ability or their willingness to renew their membership, and the biggest contributor to lifetime value. And so as we continue to invest in our member, it really does become the flywheel of the company. as we are trying to make sure that they enjoy their visits with us, and they feel the value every single day while we're doing other things like improving our convenience efforts and our merchandising and our real estate footprint. So we're not necessarily looking for returns within one particular quarter. Sometimes those happen, but we're looking for an effort that builds over time that really underpins the value of BJ's membership.

Edward Kelly

And it's just a follow-up, I guess, for -- maybe for Laura. Can you just parse out operating expense a little bit. You talked about a sale leaseback gain, but then the dollar growth in operating expense is higher than it's in a while. So I don't know if there was some offset to that, but any color around the magnitude of sale leaseback and what the offsets were on that?

Laura Felice

Yes. Ed, thanks for your question. I think you brought up a good point about the sale leaseback that we did in the quarter. I would say, before I get to the numbers that, that being able to do a transaction like that, I think, speaks to the strength of the company and where we've come from to where we are today. And so we've spent a lot of time working on our -- working with the strength of our balance sheet as we've paid down debt. And so that's offered us the opportunity to be able to buy locations versus a straight lease like we would have historically done. As we've done that, we find opportunities in our portfolio where we're able to create value and long-term growth that we can put back into the company. And so that the transaction that happened this quarter was our Ohio distribution center is an example of just that.

From a numbers perspective, the gain on that was relatively small in the grand scheme of things is about $11 million to the P&L. But we're happy with that transaction. And again, I think where we've come from a company perspective, I think just speaks to us to be able -- speaks to how we've been able to add transactions like that, that add value and are accretive over the long term.

Operator

Your next question comes from the line of Peter Benedict with Baird.

Peter Benedict

My first is just is on MFI, the membership fee income grew 10% kind of sequentially stable there. I'm curious, I mean you gave the member numbers, so the sign-up sound like they're good. I'm just curious with the benefits of the fee increase, tailing off, we would expect that -- we would have expected that to slow. So is there something happening in the core that's reaccelerating here? I'm just curious kind of maybe the trends around higher tier membership and roles that type of thing. That's my first question, and then I have a follow-up.

Robert Eddy

Yes. Pete, look, I think our membership team continues to do a fantastic job really growing our company. It's the backbone of what we do here. It's the foundation of everything, and they had a very, very strong quarter. As you know, we had about 10% growth in the quarter. That pretty much mirrored what we saw in the first quarter. And our plan for the year would have seen that 10% slide down to about 6% at the end of the year. And so the Q2 performance, in particular, was very strong. And really, I think it just highlights the value of what we're giving our members and our strength in our new clubs as well.

So if you think about the building blocks to MFI, the number of members. We had a strong acquisition quarter. And the team continues to innovate and figure out new ways to get in front of prospective members and to come up with offer constructs that make sense to people. We certainly want to renew all those members, and we had a fantastic renewal rate performance during the quarter as well. We now are at another all-time high from an easy renewal perspective. in terms of the number of members that participate in that automatic renewal program. If you think about the quality of those members, you mentioned higher tier. We're at an all-time high there as well at about 43% of our membership in higher tier members. That's far and away the best number that we've had and we continue to grow those folks. And you know they spend more. They renew at higher rates. They are active in many categories, all the things that we like to see.

And -- and so I think it was a fantastic quarter for the membership team. I still do think you're going to see the benefits of the fee increase wane over the year. So we are, again, sort of guiding to finish the year at that 6% exit rate. But hopefully, we can continue to put up good quarters as we go through and explain the value of BJ's membership to folks. And have them join our franchise. It's been a great run for our membership team. And you and I have talked a lot about the big differentiators and where we were 5 or 10 years ago versus where we are today. And I would tell you that the biggest differentiator I see is our ability to grow membership in comp clubs. And once we're not very good at that. And today, we do it very consistently, and we were up 2% to 3% during the quarter. So it was a really fantastic result and congratulations to that team.

Peter Benedict

That's great color, Bob. Good to hear. And then I guess maybe just on the traffic acceleration you talked about during the quarter. I'm curious I mean how much of that you think was related maybe to the price investments you started to take earlier? How quick is the response mechanism there? And as you think about the 2% to 3% merch comp plan for the year, how much of that do you think is kind of traffic versus ticket just at a high level?

Robert Eddy

Yes. No worries. Good traffic number during the quarter, about half of the comp was driven by traffic. That was a pretty significant acceleration from what we saw in the first quarter. It's hard to tell whether it's related directly to the investments we made in the first quarter. I would like to say some of it is, that's certainly the idea. We would certainly see traffic before we would see sales dollar benefits just given the math of lowering prices. But that is really the idea of what we're trying to do and invest in our members, put the best products on the shelf for them to see, talk to them in the ways that resonate with them, and they reward us with traffic. And so I think the team did a nice job on all of those fronts during the quarter.

As far as the 2% to 3% guide, we left that alone. I think we'll be in that bracket, hopefully towards the high end of that bracket for the full year. We sit comfortably right in the middle of that bracket at this point. And as I see, hopefully, our traffic continues through the back half, we've got some laps to think about in terms of the 3-year stack on the port strike and the general merchandise build from last year, but in Q4. But I think if you think about the base of our business, it is how many members we have and how active are those members. And we just talked about MFI and the number of members being fantastic. And now we're seeing great continued traffic growth, right, our 18th consecutive quarter, we said in the prepared remarks and -- and hopefully, we can keep that streak alive.

Operator

Your next question comes from the line of Kate McShane with Goldman Sachs.

Katharine McShane

Our question is just on the sustainability of some of the price investments that you have been able to make over the last 2 quarters, given that they were driven and financed by tariff refund. How do you think about these price investments and lapping them when there aren't necessarily tariff refunds to fund them?

Robert Eddy

Yes. Good question. It is our endeavor to match our investments with continuing sources of funding. And so while the tariffs have been -- Bev refunds have been funding them in the first half of this year. We have other initiatives that will fund them in the back half of the year. And so I think the worry that margin rates will decline precipitously when we don't have the tariff funding. It is misplaced. I do think we've identified other places to source funding. And that -- you can think about what those might be. The tariff reasons we've talked about are all first-person tariffs. So the things that we paid and gotten refunded, we are now working with our suppliers to get our fair share of their refunds. We are working with our suppliers to figure out the optimal assortments and in some cases, that make margin benefits there.

We've got other sources of margin like others do with retail media and some other things. And certainly, gas plays in there as well. We would always take some portion of any one quarter's gas beat and invest those as well. And so we understand our job is to deliver margin dollars globally, not necessarily a particular rate. Within reason, I don't really care about any particular rate. I know my job is to deliver profit dollar growth. And that's, frankly, what our members expect from us, too. They want the right prices, and that means we got to go get the right cost. And -- so we will continue to find ways to invest in our membership and take every opportunity we can to do so.

Katharine McShane

And just a follow-up question is on general merchandise. I wondered if you could kind of talk through what we can expect from that category in Q3 and Q4, given what we're lapping last year and just given new leadership within merchandising.

Robert Eddy

Yes, sure. I mean Jim has been on a little bit of a run late, which is great to see. It was once I would argue our weakest business. And now we're starting to make some progress. That progress started in our consumer electronics area, which has probably been our strongest area, and that's the easiest to impact, but our team has done a nice job improving our assortment at home. We talked a little bit about that in our prepared remarks in some of those categories. And -- and our seasonal business was positive comp during the quarter as well. That is a big business in the second quarter, and it was nice to see that get positive. We've got some room to improve there for sure. and we've got some room to approve in apparel in the rest of the categories. But for me, nice to see a continued positive comp trend. It might be nice to see the breadth of the comp.

And under the covers, you mentioned the changes in merchandising leadership. Stephanie Reibling has done a fantastic job. You know general merchandise is where the core of her experience lies. She's got her fingerprints on some of these early wins, but now they are early. We will go through this assortment ruthlessly and make sure we're offering the right products at the right value. And we've also added some talent beneath Stephanie in this area with a new GMM of general merchandise and a couple of new DMMs as well. So it starts with the team, right? We've got a fantastic team, and they are all on the ground and working hard to make sure that the next quarter is better than better than Q2. And I guess I would just again say just keep in mind the big lap we have in Q4 from a GM perspective, and other than that, we're very pleased with where we ended the quarter.

Operator

Your next question comes from the line of Mike Baker with D.A. Davidson.

Michael Baker

I wanted to focus on Texas a little bit. You said you were 30% ahead of plan. What is the plan relative to sort of company average or typical openings? How big can Texas be? What are you seeing competitively or others reacting to you guys moving there? Just a little bit more color on Texas, please.

Robert Eddy

Maybe I'll just -- a couple of words, Mike, and then kick it over to Bill. I just wanted to thank, Bill. He's done a fantastic job really creating this whole growth engine within real estate that we have. It's a big effort His team has done fantastic work, and I couldn't be more proud of him and the team for what we've accomplished. And Texas is just one point in that journey, and it's going very well. But I just wanted to thank Bill publicly for all the things he's done. So Bill, tell us about Texas.

William Werner

Thanks, Bob. I appreciate that. Mike, good to talk to you. Yes, so Texas, as we offered in some of the prepared remarks, we're seeing exactly what we'd hope we would see. We're seeing outside membership gains. We're seeing the membership engaged throughout the club across categories, and we shared some data in terms of the gas program down there and what we're seeing in terms of gas gallons. When we look at something like engagement of gas. We know that, that is a strong indicator of a likelihood to renew. And so when we look at something that early on, we feel really good about the prospects of being really successful down there with the membership base. So really excited, but more to do. We'll open up our club and Mesquite later this year. We announced our next club in Tyler, which is just outside the DFW metroplex for early next year, and we have a lot more to come that you'll hear about in the future. And -- yes, as we think about Texas, it's just part of the broader real estate story.

As I reflect back on -- we're probably having the same conversation when we opened up in the Michigan market back in 2019. And as we sit here today, those investments that we've made in Michigan have led to an expanding footprint there and where the gateway opening up throughout the adjacent Midwest markets when I think about Nashville, Indianapolis, Columbus, Pittsburgh, and so this is just a continuation of the long-term story. And so we're really proud of what we're seeing down there. We're excited for the Q3 clubs to get our Rotterdam club relocated and open for our members and as well as opening up our second Alabama club down in Foley on the Gulf Shores as well as expansion in Florida, which has been an amazing market for us with our club in Ocala with both the Q3 new clubs showing, again, great early membership results. And Bob talked about the membership engine earlier. It's certainly hitting in comp clubs, but it's certainly working super hard in our new club effort. So Texas is really important. We're doing great. We're really proud of the results. It's a continuation of the broader new club story and all part of this engine that we've built over the last 7 or 8 years. So really excited about the future.

Michael Baker

Yes. Great. Thanks for all that detail. I'll ask -- we'll call it a follow-up, but candidly a different topic. But would you guys be willing to talk about the pace of sales throughout the quarter by month?

Robert Eddy

Mike, it was pretty ratable through the month. So nothing really to call out from a variability perspective.

Operator

We are currently experiencing technical difficulties. Please hold. [Technical Difficulty]

Team apologies for the technical disconnect, we're going to move to the next question. Chuck Grom with Gordon Gasket.

Charles Grom

Can you guys hear me?

Robert Eddy

Yes, Chuck.

Charles Grom

So great quarter. My question is on CMP or CRAP. I know it's something that the company has done in the past and it's coming on over the years. But just can you maybe, Bob, just double click on the opportunity here, how you see the SKU count in the store. Maybe give us some perspective on when you're opening up these new stores in Texas and elsewhere, how many items you're opening up with relative to the total chain. It's been a long-standing opportunity, in my opinion. So just curious if you could flesh that out for us.

Robert Eddy

Yes, I'd be happy to. Again, everybody, sorry for the technical difficulties. CMPs have been a good part of our strategy for the past several years. And candidly, in the last couple of quarters, they've taken on a bit of a different tenor particularly with Stephanie's arrival. I mentioned earlier, we're using CMPs to source margin, but they really serve a much broader purpose than that and get -- they get directly at what you're asking about. So we find ourselves overskewed, as you point out, it has been a long-standing opportunity. We have had efforts to cut SKU count in the past. And I would argue we didn't -- we didn't prosecute that opportunity in the right way. We just cut SKUs, we got sales and then we added some SKUs back.

And so really, what we're doing now is removing unnecessary choice. So I think multiple flavors of body wash, pushing all the volume into the remaining body wash flavors and then adding new innovative products and white space categories. And the addition of those new products, those new need states those -- that new white space categories that is sourcing sales growth as well and for giving us the formula where we can cut SKUs and see sales go up and see margin dollars go up. And so our goal really is to take about 20% of our SKUs out over the next couple of years. And that will sort of happen ratably, that will largely get the chain down to where we find ourselves in new clubs, maybe a little bit lower than that. So our average number of SKUs in the legacy club is about 7,500 or so at this point. And the new clubs come with a 6 handle on them. And so I'd like to get it down to about 6,000, 6500 SKUs, I think, is the right place for us over time.

We've seen some of the benefits so far. We talked about it in the prepared remarks a bit if it wasn't blocked out some benefits in beverages and active nutrition, where we're really taking out some unnecessary duplication, adding some new cool stuff. So think about in traditional soda. We don't carry cans and 1 leaders and 2 leaders of the same product anymore we would add and we're adding in healthy soda like Poppy and things like that. That's the idea around the building. So we've set some categories in the second quarter. We saw some good results. We'll set some more in September. And then our next wave will happen around the end of the year. So this is an ongoing effort. I think it will be powerful. Stephanie has brought up a great member focus to it. where we're trying to be sensitive to what the members' needs are. And that my color what we might cut but also my color what we what we might add into the mix as well. And the early results are good in this wave. So we'll keep it going, and hopefully, we'll see some more good results.

Charles Grom

That's great. And then I guess my follow-up, just on the gas business. 10.5% gallon growth in [indiscernible], which is much better than the industry. I guess, how are you using that as an opportunity to acquire new customers? Obviously, I was much better than expected. General in health is really good. But are you using gas to drive new customer growth? And just flush that upwards?

Robert Eddy

Yes. Of course, let me pass that over to Bill and see runs gas for us.

William Werner

Yes. Thanks, Chuck. Absolutely, we use it to drive membership. We've seen members talk to us with the 10.5% comp the value of gas is -- we offer to our members is just as important now as it's ever been. And yes, so we've definitely tested acquisition offers with gas discounts that our members have responded to in an outsized way. And it's been a great partnership with our membership acquisition team as we've tested and quickly learned into offers and then expand them when we see great results.

But Chuck, I want to take a moment just to come back to the gas business because the 10.5% comp that we delivered is certainly a testament to the team that is offering to our members every day. but also to the structural investments that we've made. So we've talked a bunch about this call about both short-term investments that we're making in price, but also long-term investments that we've made into something like real estate. And when we think about the overall gallon growth we delivered that in an environment like this allows us to deliver outsized value for our members and source outsized EPS for our shareholders, that's only because of some of these big structural long-term investments that we've made.

So as I think about on the real estate side, we have 50% more stations than we did at IDO. We couldn't have delivered the gallons that we delivered in Q2 without those continued investments over time. And then I also think about something like our co-branded credit card program, where you say we have over 2 million members that are getting either a $0.10 or $0.15 per gallon discount every day at the pumps, right? And that you don't grow it to $2 million over time without working at it every single day. And the team that does that has been extremely successful in growing credit card base. So these big long-term decisions that we've made to invest in the value for our members come home and pay dividends in an environment like Q2. And so it's just a really cool example of where how the company invested in like value can come back to payback. Again, both to our members through an increased outsized value in the quarter like this as well as to our shareholders.

Operator

Your next question comes from the line of Simeon Gutman with Morgan Stanley.

Unknown Analyst

This is Pedro on for Simeon. Nice quarter. I meant to ask you about our merch margins and price investments. we've seen merch margin rate down 20 basis points this quarter, driven by continued price investments some of it from tariff refund benefits. How should we think about the cadence of merch margin in the back half of the year as some of the tariff refund tailwinds potentially diminished on how you think about price investments for the rest of the year?

Laura Felice

Pedro, I'll take that one. Look, I think we've talked a lot on this call already about price investments and how we view them over the long term and important for lifetime value of our members. We don't guide to merch margins. And so I think what you will see us do as we continue to travel through the year is balance investments with sources of funds, right? So use and source of funds in quarters. and also look to continue to deliver value to our members. And so we think it's important to look at some of the milestones and some of the metrics in our business. We think about traffic in our clubs. We've talked about that already. Continued positive traffic momentum. That means our members are seeing the value. We've talked about market share and some of our -- how we continue to gain market share on both dollars and units. And so all of those are important as we look out into the back half, you'll see us continue to manage, I think, for the short term and also for the long term.

Unknown Analyst

Okay. Great. That's helpful. And if I could ask you a follow-up about membership fee income and renewal rates. Nice job growing membership fee income this quarter. Could you break down for us the key drivers of that growth? How much is attributable to the fee increase versus member count from new clubs, number count at existing clubs?

Laura Felice

Yes. Maybe I'll take that one, too, Pedro. Look, we don't give specific numbers on how much is coming from new clubs. But maybe I'll give you some context and a little bit more color on the things we talked about. We're really happy with the overall member base growth. We hit a milestone of 8.5 million members. And so we continue to grow our overall member count I think, faster than we've ever seen in the history of the company. We're happy with where our members are from a higher tier penetration our members that are engaged with the co-branded credit card. Bill just talked a little bit about that. We have over 2 million members in our co-branded credit card product. And all of that is important to the short-term MFI results as well as the long-term lifetime value of members and their propensity to renew, which is what we like.

You know we talk about MFI as a leading indicator in our business. And so, we view the results that we put up this quarter as a marker of the continued success that the membership team has made. I'd like to thank them for all their work. We're certainly in a different place than we were even 5 years ago from a membership perspective and acquiring members and the quality of members. So we'll look to continue to do that as we continue into the back half of the year.

Operator

Your next question comes from the line Steven Zaccone with Citigroup.

Steven Zaccone

Stores look great in Texas, by the way. Laura, a question for you. How do you break down the EPS guidance rates? So how much of it is the fuel exceeding plan? It seems like the sale leaseback is $0.06 if we did the math right? How do we think about the guidance rate as it seems like the second half expectations are pretty much unchanged despite you tracking towards the higher end of your same-store sales outlook?

Laura Felice

Steve, I think you're looking at that the way we think about it. We talked a little bit about this, Bill talked a little bit about our gas business and how we view it long term, certainly successful in the quarter. And so as we step back and think about the raise on EPS, that is a result largely of our gas business, we did invest some of that in the quarter, but really just taking the beat and raising on it. So we feel great about our guidance range for the back half and where we'll land for the full year. Bob already talked about the top line and why we left the comp guidance alone, but that's the story on the EPS guide.

Steven Zaccone

Okay. And then a follow-up just on Texas. How do we think about the time line for these stores to reach maturity? I know it's a new market for you, but are there learnings from Michigan in the past from Nashville how do we think about the time line to reach maturity?

William Werner

Steve, so it's been pretty consistent across both new and existing markets where we see membership growth throughout the first couple of years. And then generally, a member grows into their sales potential over the first couple of years. So generally, within 3 to 5 years, you're seeing the club mature up towards its -- towards its regular potential and then it would kind of grow with the chain from there. And so there's no better proof point than that than some of the data we gave on -- in the prepared remarks on the comps of the new clubs where they continue to outperform the chain both individually and as a cohort.

And as you look at the data point that we gave on something like our 2024 class, comping double digits, right? That's the magic of the math coming to life of membership growth combined with spend growth leading to outsized performance of these clubs and so we've seen it across the board. It's been widespread. It's been consistent. It's a testament to the teams that are working on this every day and to give our members unbelievable experience and deliver amazing value to these new communities, and we see the results. And I have no -- I know that we'll see the same thing whether it's in the Texas clubs or whether it's in Foley or Ocala or any one of our new clubs is opening in [indiscernible] we've had a demonstrated history of success now across the board.

Operator

Your next question comes from the line of Oliver Chen with TD Cowen.

Unknown Analyst

Bob and Laura, this is Gabriela Algar on for Oliver. I had 2 questions. The first one is on the digitally enabled sales. I know you saw a nice 30% growth this quarter. I wanted to ask as digital becomes a larger part of your business. What are you seeing in terms of member spend, frequency, retention and other important metrics compared to members who shop primarily in clubs?

Robert Eddy

Gabriela, it's certainly a great quarter from a digital growth perspective on top of great Q1, a great Q2 last year. I think our 2-year stack is over 60. So the team has done a nice job of putting things in front of our members that they enjoy save them time in addition to saving dollars. And we're investing in this. We have been for a while because of the question you're asking, the folks that engage with each of these digital properties become more valuable over time. They interact with us more. They come to see us more physically they buy more and they renew at higher rates. And that is a compounding thing. The more digital properties, they interact with, the better they are.

So if they click coupons, they become better. If they order something to be shipped to their home, they become better. If they order BOPAC or same-day delivery, they become better. If they use Express Pay, where you check out in the clubs, they become even better than that. And so the more ways we can get them to engage with us, whether it be through our desktop app or our desktop website or our app, they really change their behavior for the better over time. And so I think we're around 19% penetration of our business at this point. And I hope that, that continues to grow. It is really one of the great stories within our company at this point. and we'll continue to place investment dollars here. We'll continue to talk to our members and source ideas from them on how we do this and we've got a concentrated effort right now to grow our Express Pay penetration, and that's been going well as well. So good results this quarter and more to come.

Unknown Analyst

That's helpful color. And then just as a follow-up question. As we think about value perception, price gaps and as well as the merchandising improvements that you guys are making, can you shed some on how private label is playing a role in all of this, both in success today and then maybe categories where you see opportunities to expand penetration of your own brands?

Robert Eddy

Yes. We haven't talked about own brands in a while, but certainly a big business for us, several billion dollars of our sales are done in our 2 owned bands. And it really comes down to quality and value. We put good quality products in front of our members, and we place a fantastic price on them. And that is even more relevant these days in pressure economic circumstances, right, where we're giving our members a terrific value. Think about our Berkley Jensen [indiscernible], for instance, I think we're 35% lower price than the comparable national brand on a fantastic towel. And we make a little bit more margin than we would have if we were selling a comparable national brand. So we make up 2. We've grown that business to be about 65% unit share.

We're putting a great product in front of people at a fantastic value. and they come back to get it from us. And we need to do more of that. We need to continue to improve our own brands. But as we think about the overall value that we provide our members, we understand that, that is our job. We're supposed to provide them terrific value and own brands is a great a great way to do that. You mentioned our price gaps. We haven't talked about that. Our price gaps got better during the quarter. And so our investments are paying off. It's a tough market out there from a cost increase perspective and our -- some of our competitors are having to raise prices faster than we might, and we've been making investments there. all of that comes back to that central theme of offering the right value, and we'll continue to do that day in and day out for our members. That is our job. That's what they pay us to do. And we love to do that. We are always pleased to make investments in our members because we know it pays off in the long term.

Operator

Your next question comes from the line of Greg Melich with Evercore ISI.

Gregory Melich

Sorry if I missed it in the opening comments, but Laura, could you help us with the ticket expansion, which I guess was around 1.5 points. How much of that was unit growth items and basket versus inflation, which if I remember correctly, it was slightly negative in 1Q?

Laura Felice

Yes. Greg, thanks for the question. We talked a little bit about inflation in the prepared remarks. It was close to 1% in the quarter. And so certainly, a step move off of where we were in the first quarter. And so I think as we step back and think about our comps that we delivered for the quarter, we're really pleased with the [ 3.1 ] equally balanced roughly between traffic and basket. And so we like that. Our members are certainly seeing the value in what we're offering them every day.

Gregory Melich

That's super helpful. And Bob, I'd love to follow up on the openings. Given the success in Texas, just update us on how many clubs you're opening this year or next year? And do you think there's an opportunity to accelerate that going forward?

Robert Eddy

Yes. Thanks for the question, Greg. I'll kick it off, and Bill can talk about the specifics. As you point out, our real estate growth has been fantastic. We've gone from not opening clubs a few years ago to opening a sort of a 12 to 15 clip at this point. And we committed to maintaining that [ 25 ] to [ 30 ] every couple of years cadence, and we've challenged ourselves to think about going faster as well. And so that will take a couple of years to sort of make its way into the pipeline. But the more good clubs we can open, the better for us. And so -- so we're pleased with where we are and we'd love to go faster. Let me hand it over to Bill.

William Werner

Yes. I think, Greg, that's exactly right. We're -- at this point, as we look out on the horizon, the pipeline for plus or minus in the next 2 years is pretty baked, and we're working on projects for '28, '29 and '30 right now. And the greatest is that the success that we've seen in the market is paying off in terms of our opportunities as we're out in the market having conversations with developers and other partners within the real estate world. We've seen more opportunities come to us. We've seen the cap rates come down on our buildings, which improve the overall economics that are available and improve our returns. And so again, I come back to -- we've made a series of long-term investments over the last few years that are paying off. And the investments that we make today in a market like Texas, we're going to look back 5 years now and be really happy that we made them. And as we look forward to the clubs in the pipeline, again, as we look at decade half, now we're going to be really proud of the footprint that we have built. So more to come in terms of the [indiscernible] of the growth, but we feel like we're in a really great spot to continue to deliver value to the members and the communities that depend on us.

Operator

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.