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BJ's Q2 Sales Increase 13.8%

8/20/2002 08:21:00 AM Eastern

Natick, Mass. - Sales at BJ's Wholesale Club climbed 13.8 percent in the company's fiscal second quarter, reaching $1.5 billion, up from $1.3 billion in the year-ago period.

Net income, however, took a slight dip in the second quarter, ended August 3, decreasing 1.6 percent, to $35.9 million, down from $36.5 million in the same three months in 2001. Results for the three months included a charge of $1.3 million. Comp-store sales increased 3.1 percent in the three months.

For the six months, BJ's sales climbed 12.5 percent, hitting $2.7 billion, up from $2.5 billion in the first six months of fiscal 2001. Comp-store sales rose 3.5 percent during this six-month period.

Net income in the first half was flat, dropping a bit less than 1 percent, to $59 million, compared with $59.5 million in the same six months last year. Results for the six months included a charge of $2.8 million.

BJ's board has authorized the repurchase of up to an additional $100 million of the retailer's common stock. During the second quarter, the company repurchased 1.1 million shares of its common stock, totaling $42 million.