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American Eagle Outfitters profit drops, sales improve
Pittsburgh -- American Eagle Outfitters reported Thursday that net income for the quarter ended Oct. 30 was $33 million, compared with $59.2 million in the year-ago period. The drop was largely a result of investment losses and a prior-year tax benefit, and masked growth in sales and margins.
Total sales for the quarter increased to $752 million, compared with $736 million last year.
Same-store sales increased 1%.
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BJ’s to raise membership fee
Natick, Mass. -- BJ’s Wholesale Club plans to raise its annual membership fees by $5, to $50, and invest the increased revenues in store remodels.
The fee increase, which will start in January, is the company’s first since 2006. BJ’s said it would generate about $20 million in new revenue, including an expectation that renewals would decrease 1% to 1.5% as a result of the hike.