BJ's Net Drops 37 Percent in Third Quarter
Posted on November 18, 2009 by
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.
Comparable-club sales for BJ's were down 2.5 percent in the quarter, factoring in the impact of a 6.4 percent drop in sales of gasoline. Not counting gas sales, same-club sales rose 3.9 percent.