Profit Up At BJ's
BJ's Wholesale Club Inc. announced increased net income in the second quarter of the year and raised its earnings guidance for fiscal 2008.
Net income for the Natick discount chain rose to $36.5 million in the second quarter, from $36.3 million last year. The 2008 number included $2 million in post-tax income related to state income tax audit settlements, while the 2007 number included $3.6 million in the tax settlements, plus $2.4 million related to the disposition of a lease for a closed ProFoods Restaurant Supply location.
Total sales for the second quarter increased by 17.9 percent to $2.65 billion compared to 2Q 2007. Same-store sales increased by 15.5 percent, including a contribution from gasoline sales of 8.1 percent.
The company said it is raising its earnings guidance for the full year to a range of $2.10 to $2.20 per diluted share, from previous range of $2.04 to $2.14.
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