BJ’s Profit Up 26%
Natick, Mass. BJ's Wholesale Club Inc. on Wednesday reported a 26% jump in quarterly profit, beating Wall Street expectations, as shoppers headed to its stores for discounts on food and fuel. The retailer also boosted its full-year earnings forecast.
BJ's said profit for its fiscal first-quarter ended May 3 rose to $17.2 million from $13.7 million a year earlier.
Net sales, which exclude membership-fee revenue, rose 12.3% to $2.26 billion. Same-store sales jumped 9.6%, including a 3.9% boost from sales of gasoline.
Membership fees and other revenue rose to $47.5 million from $46.9 million.
It was the second time since November that BJ's has raised its 2008 earnings expectations amid a retail environment that's also benefiting larger rivals Costco Wholesale Corp. and Wal-Mart Inc.'s Sam's Club.