NATICK, Mass.–Second-quarter net income for BJ’s Wholesale Club finished at $35.1 million, 4 percent less than the second quarter of a year ago.
Net sales for the warehouse-club chain fell 5.2 percent to $2.5 billion in the quarter, with same-store sales dropping 7.7 percent—a figure that included a decline in gasoline sales of 10.6 percent. Leaving gas out, comparable-store sales rose 2.9 percent. Among other key numbers, selling, general and administrative expenses rose 7 percent while cost of goods sold decreased by 6.4 percent.
A BJ’s statement said the retailer now expects net sales to increase by from 0.5 percent to 1.5 percent for the current fiscal year as a whole. Same-store sales should fall back by from 1 to 3 percent, including a 6 to 8 percent negative impact from gas sales. Net income is now projected at from $134 million to $140 million.