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BJ's Wholesale Club, Inc. yesterday posted net income for the first quarter of 2009 of $24.3 million, or 45 cents per diluted share. For the year-ago period, the company reported net income of $17.2 million, or 29 cents per diluted share.
Net sales for the first quarter of 2009 rose by 0.2 percent to $2.26 billion. Comparable-club sales declined by 1.5 percent, including the negative impact from sales of gas of 9.0 percent. Excluding the impact of gas, which has declined dramatically in price from last year, merchandise comps increased for the first quarter of 2009 by 7.5 percent. Last year, net sales increased by 12.3 percent to $2.25 billion and comps grew by 9.6 percent, including a contribution from sales of gas of 3.9 percent. Excluding the impact of gas, merchandise comps went up last year by 5.7 percent.
BJ’s also revised its earnings guidance yesterday: For the year ending Jan. 30, 2010, the retailer now expects to report earnings per diluted share in the range of $2.44 to $2.54 vs. previous guidance of $2.42 to $2.52.
Natick, Mass.-based BJ's operates 181 BJ's Wholesale Clubs in 15 states.