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Boosted by what it calls a “value proposition that is more compelling to its members,” BJ's Wholesale Club reported increased sales for both its fiscal fourth quarter and full year.
Fourth-quarter sales climbed 6.9 percent, hitting $2 billion, up from $1.9 billion in the year-ago quarter. Comp-store sales for the period, ended Jan. 29, increased 3.4 percent, including a 1.2 percent contribution from gasoline sales.
However, net income in the fourth quarter dropped to $47 million, down from a year-earlier $49.2 million. Earnings for the three months, as well as the full fiscal year, were reduced by $7.2 million pre-tax, as a result of a correction of errors in the company's accounting for certain leases.
For the 12 months, total sales climbed 10.2 percent, reaching $7.2 billion, up from $6.6 billion in the same period the previous year. Comp-store sales jumped 6 percent in the period, including a contribution of 1.1 percent from gasoline sales.
Net income for the year increased to $114.4 million, compared with a year-ago $102.9 million.
BJ's said it will purchase an additional $100 million in common stock. The company had $45 million remaining under its previous authorization at year-end.
During the fourth quarter, BJ's repurchased about $17.3 million in common stock, and $45.3 million for the full year.
At the end of its fiscal year, the wholesale club had 157 locations in operation, compared with 150 at the end of the previous year.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.