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BJ's Fis. Q3 Sales Rise 11%, Moves Into Black

11/19/2002 11:01:00 AM Eastern

Natick, Mass. - Sales at warehouse retailer BJ's Wholesale Club increased 11 percent in its fiscal third quarter, hitting $1.4 billion, up from $1.2 billion in the year-ago period. Comp-club sales dipped 0.1 percent in the same three months.

BJ's moved into the black during the third quarter, ended Nov. 2, posting net income of $23.4 million, compared with a net loss of $33.5 million in the third quarter last year. Excluding charges in the third quarter, net income would have been $26.6 million. Excluding a $63 million charge in the third quarter of 2001, the retailer would have reported net income of $29.5 million.

For the nine months, sales increased by 12 percent, hitting $4.1 billion, up from $3.6 billion in the same period last year. Comp-club sales rose 2.3 percent.

Net income for the nine months reached $82.4 million, compared with $26 million in the same period a year ago. Excluding charges in the nine months this year and last, net income would have been $87.2 million for the current period, compared with $89 million year over year.