Net Rises 2 Percent for BJ's in Second Quarter
August 18, 2010,
NATICK, Mass.--Second-quarter net income edged up 2 percent for BJ's Wholesale Club, totaling $35.8 million.
The warehouse club's results included an 8.6 percent jump in net sales to $2.7 billion, which included a 4.4 percent rise in comparable-club sales. Much of the same-store increase came from gasoline sales; without sales at the pumps, BJ's comparable-club merchandise revenues edged up 2.9 percent.
The bottom line was hurt somewhat by a 9.6 percent increase in selling, general and administrative expenses. Gross margin slipped 12 basis points to 12 percent.
For this fiscal year, BJ's said, the company now expects net income to range from $128.5 million to $134.5 million, slightly less than its previous guidance. Net sales are now expected to increase by from 8 percent to 10 percent, with a comparable-club gain of from 4 to 6 percent.