BJ's Fis. Q2 Sales Increase 12.5%
By Jeff Malester -- TWICE, 8/23/2004
NATICK, MASS. — Improvements in merchandise assortment and adjacencies made during its fiscal first quarter and early second quarter drove fiscal second-quarter sales up 12.5 percent at BJ's Wholesale Club, hitting $1.8 billion, compared with the $1.6 billion recorded in the year-ago period.
BJ's reported net income for the second quarter, ended July 31, of $28 million, compared with a year-on-year $22 million, up 25 percent. This includes a post-tax charge of $3.6 million and post-tax income of about $3 million. Last year's income includes a post-tax gain of $0.4 million. Comp-store sales for the retailer increased 8.5 percent in the second quarter.
For the six months, sales at BJ's reached $3.5 billion, up from a year-ago $3.1 billion. Net income for the six months came in at $44.1 million, an increase of 31 percent, compared with $33.2 million in the same time frame in 2003.
BJ's second-quarter comp-store sales increase of 8.5 percent includes about a 2.3 percent contribution from sales of gasoline. The retailer said strong results for the second three months from sales of fresh food, health and beauty aids, paper products, household chemicals and gasoline were partially offset by a decline in sales of air conditioners and fans due to the cooler weather in the Northeast, compared with the second quarter of 2003.
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