BJ's posts 2Q earnings, raises guidance

NATICK, Mass. BJ’s reported net income for the second quarter of 2008 of $36.5 million, or 61 cents per diluted share, compared to net income of $36.3 million, or 55 cents per diluted share, for the like period in 2007. Results for the quarter included income of $2 million post-tax, or 3 cents per diluted share, related to favorable state income tax audit settlements.

Total sales for the second quarter increased by 17.9% to $2.65 billion, compared with $2.25 billion for the second quarter of 2007. Comparable-club sales increased by 15.5%, including a contribution from sales of gasoline of 8.1%.

BJ's also announced earnings guidance for fiscal 2008 of $2.10 to $2.20 per diluted share, a raise over previous guidance of $2.04 to $2.14 per diluted share.