BJ's loses $5.6M in Q2
Photo | Grant Welker
BJ's Wholesale Club former headquarters in Westborough
Shares of BJ’s Wholesale Club were down more than 6 percent Tuesday morning as its first quarterly earnings report since going public in June included a $5.6-million loss.
Shares hit a high of $29.38 early Monday, but that dropped about 6.6 percent during pre-market trading on Tuesday.
The quarterly loss reflects a per-share loss of 5 cents.
The Westborough-based wholesaler did, however, beat forecasts with $3.2 billion in sales for the quarter, which was a 4.3-increase from last year’s second quarter.
For the year, however, the company is right on track to meet its estimates, with net sales of $6.2 billion, up from $6 billion at this point last year. The company is also profitable for the year, taking in $8.5 million compared to a $39.2 million loss halfway through last year.
For the year, the company is expecting revenues of up to $12.7 billion and a profit between $101 million and $111 million. Per share, investors should expect diluted to be between 83 cents and 91 cents.
The company went public in June, selling 43.1 million shares for net proceeds of $691 million, which was used to repay $623.2 million in debts and another $10.2 million in interest.
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