BJ's Bumps Net Up 32 Percent in Q3
NATICK, Mass.--Net income for BJ's Wholesale Club rose 32 percent in the third quarter ending Oct. 30, totaling $23 million.
A modest sales gain and expense controls provided the bottom-line boost for the retailer. Net sales increased 4.8 percent to $2.6 billion, which included a 1.5 percent rise in same-store sales, factoring out sales of gasoline, and a 2.5 percent same-store pickup when gas is included. Selling, general and administrative expenses were flat on a dollar basis and shed 50 basis points as a percentage of sales, to 9 percent. Gross margin was flat at 8.4 percent.
BJ's has revised its net-income expectations for the fiscal year that will end on Jan. 29, 2011. Net income should finish the year at $133.6 million to $135.6 million, which would represent a slight increase over the bottom line in the previous fiscal year.