Revenues Up, Profits Down For BJ's
Despite revenues increasing 8 percent for BJ's Wholesale Club last year, company profits dipped more than 25 percent because of restructuring costs.
The Westborough-based club retailer said revenues in 2010 rose to $10.87 billion. Profits fell from $131 million in 2010 to $95 million in 2011.
Selling, general and administrative expenses for the company increased from $860 million to $933 million on the year. The company announced in January it would close five stores, a move that cost about $41 million.
In the fourth quarter, the company's revenues increased 7.4 percent to $2.9 billion. Profits were about one-fifth of what they were in the fourth quarter of 2009, to end at $10.2 million.
The company confirmed last month that it is considering "strategic alternatives," including a possible sale of the company. The company's headquarters moved from Natick to Westborough last year.
The company also announced that February sales increased 9.3 percent to $814,000, with comparable store sales up 5.5 percent.
WBJ Web Partners
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