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BJ's Q4 Sales Rise 12.4%, Net Drops

3/04/2003 01:23:00 PM Eastern

Natick, Mass. - BJ's Wholesale Club reported gains for its fourth quarter and year, despite sales and earnings that reflected a generally weaker economy and increased competition.

Net sales for the fiscal fourth quarter, ended Feb. 1, climbed 12.4 percent, hitting $1.7 billion, up from $1.5 billion in the year-ago period. Comparable club sales were up by 1.6 percent for the period. However, net income dropped to $48.5 million for the three months, compared with $56.4 million in the same quarter the previous year.

For the 12 months, net sales increased by 12.2 percent, reaching $5.7 billion, up from $5.1 billion in the previous year. Comp-club sales climbed 2 percent for the year. Net income for the full year reached $130.9 million, up from $82.3 million in the previous year.

BJ's income from continuing operations for the 12 months was $145.8 million, compared with $83.8 million year over year. This year's income from continuing operations included a post-tax gain of $12 million, while last year's income from continuing operations included a post-tax charge of $63 million. Excluding these two items, income from continuing operations was $133.8 million for the 12 months, compared with $146.8 million in the previous year.

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