BJ's Q1 Profit Tops $26M
Natick-based discount retailer BJ's Wholesale Club Inc. said it made a profit of $26.1 million in the first quarter compared to $24.3 million a year earlier.
Sales for the quarter increased 13 percent to $2.6 billion on strong gasoline sales. Same-store sales increased 7.8 percent.
Excluding gasoline sales, merchandise sales increased by 4.2 percent compared to the prior year.
Also during the quarter, the company spent $9.2 million buying back company stock at $33.69 per share. As of the beginning of May, the company was authorized to spend as much as $272 million more on stock repurchases.
The company upped its profit expectation for the year from the $133 million to $138 million range to somewhere between $137 million and $142 million.
BJ's operates 188 "clubs" in 15 states.
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