BJ’s Q1 profit up 42%
Natick, Mass. BJ's Wholesale Club said Wednesday that its first-quarter profit rose 42%, narrowly beating Wall Street expectations, and raised its 2009 profit guidance.
BJ's earned $24.3 million in the quarter that ended May 2, up from $17.2 million a year earlier.
Revenue rose 0.2% to $2.26 billion from $2.25 billion a year earlier. But the latest sales results were below the analysts' consensus estimate of $2.31 billion.
Same-store sales fell 1.5%, dragged down by lower gas purchases.
The company also said it bought back 2.38 million shares worth about $70.4 million during the quarter. Another $138.2 million remains for future buybacks under the current plan.