BJ's net income up in the first quarter

NATICK, Mass. BJ’s Wholesale Club reported net income for the first quarter of 2009 of $24.3 million, or 45 cents per diluted share. For the first quarter of 2008, the company reported net income of $17.2 million, or 29 cents per diluted share.

Net sales for the first quarter of 2009 increased by 0.2% to $2.26 billion. Comparable-club sales decreased by 1.5%, including the negative impact from sales of gasoline of 9%. Excluding the impact of gasoline, merchandise comparable club sales increased for the first quarter of 2009 by 7.5%. For the first quarter of 2008, net sales increased by 12.3% to $2.25 billion and comparable-club sales increased by 9.6%, including a contribution from sales of gasoline of 3.9%. Excluding the impact of gasoline, merchandise comparable-club sales increased for the first quarter of 2008 by 5.7%.

The company today also announced revised earnings guidance. For the year ending January 30, the company now expects to report earnings per diluted share in the range of $2.44 to $2.54 compared to previous guidance of $2.42 to $2.52.