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BJ’s Wholesale Club, Inc. yesterday reported net income for the first quarter of 2010 of $26.1 million, or 49 cents per diluted share, vs. the $24.3 million, or 45 cents per diluted share, reported for the comparable period last year.
Net sales for the quarter rose 12.9 percent to $2.55 billion and comparable-club sales grew 7.8 percent, including a contribution from sales of gasoline of 3.6 percent. Excluding the impact of gas, merchandise comps went up 4.2 percent. First-quarter net sales in 2009 nudged up just 0.2 percent to $2.26 billion, while comps dipped 1.5 percent, including a negative impact from sales of gas of 9.0 percent. Excluding the impact of gas, merchandise comps in the first quarter of 2009 increased 7.5 percent.
In line with the first-quarter results, the company upped its earnings guidance. For the year ending Jan. 29, 2011, the BJ’s now expects to report earnings per diluted share in the range of $2.58 to $2.68 and net income in the range of $136.9 million to $141.9 million. Previous guidance was for earnings per diluted share in the range of $2.54 to $2.64 and net income in the range of $133.1 million to $138.1 million.
Natick, Mass.-based BJ’s operates 188 BJ’s Wholesale Clubs in 15 states.