BJ's Q4 Sales, Net Climb

Staff On Mar 8 2004 - 8:00am

In accomplishing what it called its "ambitious goals," laid out a year ago, BJ's Wholesale Club recorded increased sales and earnings for its fiscal fourth quarter.

Sales rose 12.6 percent in the three months, ended Jan. 31, hitting $1.9 billion, up from $1.7 billion in the year-ago period. Comp-store sales climbed 7.5 percent.

Net income in the fourth quarter edged upward to $49.2 million, from $48.5 million. Results included a post-tax gain of about $1.6 million and charges of $1.4 million. Pro forma income was reported at $49.2 million for the three months, compared with the previous year's $48.3 million.

BJ's, in an investor conference call, said it is testing a new electronics presentation at a concept-type store in Kissimme, Fla., in order to further differentiate its locations from the competition. The retailer said it is offering a wider merchandise selection that includes more premium-brand consumer electronics, and is presenting the products in a setting that includes overhead screen presentations not found in its other locations.

Sales for the 12 months jumped 14.9 percent, reaching $6.6 billion, compared with $5.7 billion in the same period a year earlier. Comp-store sales gained 7.8 percent, including a contribution from gasoline sales of about 3 percent.

Net income for the 12 months, before accounting changes, was $104.1 million, compared with $130.9 million the previous year. Including accounting changes, net income for the 12 months reached $102.9 million, down from $130.9 million the previous year.

Full-year results included a post-tax gain of about $3.3 million, while the previous year's net included a post-tax gain of $12 million.