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BJ’s Q4 earnings fall on store closing cost
Westborough, Mass. -- BJ's Wholesale Club's fiscal fourth-quarter net income fell 81% on a one-time $41.1 million charge related to store closings, restructuring and asset impairment. But its adjusted earnings beat expectations.
The wholesale club operator earned $10.2 million for the quarter, compared with $54.5 million a year ago.
Net sales for the fourth quarter ended Jan. 29, increased by 7.4% to $2.90 billion, and comparable club sales increased by 3.8%, including a contribution from sales of gasoline of 2.1%.
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Staples grows profits despite soft sales
Framingham, Mass. -- Fourth-quarter sales at Staples increased slightly to $6.4 billion, net income increased 17% to $275 million, and earnings per share increased 19% to 38 cents courtesy of a favorable tax benefit of six cents.
Staples chairman and CEO said he was proud of all the company achieved in 2010.