BJ’s Q1 Net Down On Higher Sales

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Natick, Mass. — BJ’s Wholesale Club reported net income of $15.4 million for its fiscal first quarter, ended April 29, down from $18.6 million for the same period last year.

Results for the first quarter of this year included post-tax income of $2.1 million for House2Home bankruptcy recoveries and post-tax expense of $2.4 million for stock-based compensation.

Last year’s first quarter included post-tax income of $2.9 million for House2Home bankruptcy recoveries, post-tax expense of $1.8 million related to the chain’s reserve for credit card claims, and post-tax expense of $200,000 for stock-based compensation.

Net sales for the first quarter of this year increased by 6.3 percent, to $1.9 billion, and comparable-club sales increased by 2.0 percent, including a contribution from sales of gasoline of 1.4 percent.

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