Shares of membership-based warehouse chain BJ's Wholesale Club (NYSE: BJ) were up 17.9% in May, according to data provided by S&P Global Market Intelligence. The stock was pretty cheap already going into the month -- and then the company reported strong financial results on May 23 that rallied investors.

The numbers for BJ's Wholesale's fiscal first quarter of 2024 weren't necessarily head-turning. Total Q1 revenue for the company was only up 4% year over year. And its earnings per share (EPS) slipped by $0.02 to $0.83. But both the top and the bottom line were better than what analysts had expected.

Q1 membership trends were particularly encouraging for BJ's Wholesale. Membership retention stayed strong at 90%. But members are also staying in the company's highest (more expensive) paid tier.

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Source Fool.com