August 18, 2010
BJ's Profit Inches Up, FY Guidance Cut
By Matthew L. Brown
Natick-based BJ's Wholesale Club Inc. said second-quarter sales increased by 8.6 percent, but profits remained nearly flat at $35.8 million.
The company's profit was $35.1 million in the second quarter of 2009.
The company adjusted its earnings guidance for the year down from a profit range of $136 million-$141 million to $128 million-$134 million.
Sales for the quarter were $2.7 billion compared to $2.5 billion a year prior. Same-store sales increased 4.4 percent with help from strong gasoline sales.
The company ended the quarter with $85 million in cash and equivalents compared to $37 million a year ago.
BJ's operates 189 stores in 15 states.
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