BJ's 2Q merch comps up 2.9%

NATICK, Mass. BJ's Wholesale Club reported net income for the second quarter ended Aug. 1 of $35.1 million, or 64 cents per diluted share. For the second quarter of 2008, the company reported net income of $36.5 million, or 61 cents per diluted share. Results for the second quarter of 2008 included income of $2.0 million post-tax, or 3 cents per diluted share, related to favorable state income tax audit settlements.

Total sales for the second quarter decreased by 5.2% to $2.5 billion, and comparable-club sales decreased by 7.7%, including a negative impact from sales of gasoline of 10.6%. Excluding the impact of gasoline, merchandise comparable-club sales for the second quarter of 2009 increased by 2.9%.

For the year ending Jan. 30, 2010, the company now expects to report an increase in net sales of 0.5% to 1.5% and a decrease in comparable-club sales of 1% to 3%, including a negative impact from gasoline sales of 6% to 8%. Merchandise comparable-club sales excluding gasoline are expected to increase 4% to 6%. Previous sales guidance was for an increase in net sales of 0.6% to 2.6%, and a decrease in comparable-club sales of 2.5% to 0.5%, including a negative impact from gasoline sales of 6.5% to 8.5%. Merchandise comparable-club sales excluding gasoline were expected to increase 5% to 7%.

For the full year, the company now expects to report net income in the range of $134 to $140 million, and diluted earnings per share in the range of $2.46 to $2.56. Previous guidance was for net income in the range of $132.7 million to $138.2 million, and diluted earnings per share in the range of $2.44 to $2.54.