BJ’s profits off while sales fare well

Natick,Mass.-- BJ's Wholesale Club today reported first-quarter net income of $13.7 million, down 11.0% from $15.4 million for the same period one year ago.

Net sales rose by 7.5% to $2.0 billion from $1.9 billion; comparable club sales were up 2.3%, including a contribution from gasoline sales of 1.4% and a negative impact of 0.4% from the absence of pharmacy sales versus last year.

Excluding gasoline, traffic was down about 1% but the average transaction was up about 3%, said Frank Forward, cfo. Food, office supplies, storage were among the winning categories; residential furniture and lawn and garden were among the ‘down’ categories, Forward said.

The period was the first full quarter with current senior management in place, noted president, chairman and ceo Herb Zarkin, who was himself named ceo in March, after serving in that role on an “acting” basis since last November.

Forward said full year earnings are projected at $1.60 – $1.70 per diluted share, consistent with earlier guidance. Comps are targeted for 3% to 4% both in the second quarter and for the full year.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT digital edition

See the June 2017 issue of Home & Textiles Today. In this issue, we discuss how U.S, ports are gearing up for the future, and what to expect from second half trade shows. See details!