BJ's Net Drops 37 Percent in Third Quarter
November 18, 2009,
NATICK, Mass.-Net income for BJ's Wholesale Club finished the third quarter at $17.7 million, 37 percent below the third quarter of one year ago.
The retailer's bottom line dropped despite a 2 percent gain in net sales in the quarter, which totaled $2.5 billion. Selling, general and administrative expenses rose 11.6 percent, while cost of goods sold increased 2 percent. BJ's also reported a 92 percent jump in store preopening expenses in the quarter.