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BJ’s Wholesale Club, Inc. yesterday reported net income of $17.7 million, or 32 cents per diluted share, for the third quarter ended Oct. 31, including a charge of $11.7 million pre-tax ($6.9 million post-tax), or 13 cents per diluted share, to establish a reserve in connection with the proposed settlement of a legal claim regarding wage and hour job classification.
In the year-ago period, the company posted net income of $28.2 million, or 48 cents per diluted share, including post-tax expense of $0.5 million, or one cent per diluted share, related to the closing of the a location in Greenville, S.C. Results for the third quarter of 2008 also reflected several unplanned income and expense items resulting in a net benefit of about 10 cents per diluted share, according to BJ’s, including gasoline income that exceeded plan by about 17 cents per share, due mainly to unprecedented market conditions leading to unusually strong gas sales and profits.
For the first nine months of 2009, net income was $77.1 million, or $1.41 per diluted share, vs. $81.9 million, or $1.38 per diluted share, in the year-ago period.
Net sales for the quarter grew 2.0 percent to $2.45 billion, from $2.40 billion, and for the first nine months of fiscal 2009, net sales fell 1.2 percent to $7.22 billion, from $7.30 billion.
Overall comparable-club sales for the quarter were down 2.5 percent, with a -6.4 impact from gas sales, while for the first nine months of 2009, comps declined 4.1 percent, with an adverse impact of 8.8 percent from gas sales.
Natick, Mass.-based BJ’s operates 184 clubs in 15 states.