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Lower Net Income, Better Sales For BJ’s

Natick, Mass. — BJ’s Wholesale Club reported lower net income and slightly higher sales for its fiscal third quarter ended Oct. 28.

Net income for its third quarter was $18.3 million compared to net income of $27.8 million versus last year. Results for the third quarter of 2006 included $2.7 million post-tax for stock-based compensation expense versus about $200,000 post-tax, for stock-based compensation expense last year. Results for the third quarter of 2005 included income of $1.9 million post-tax, from a VISA/MasterCard antitrust class action litigation settlement, and expenses for uninsured losses related to hurricane Wilma.

Net sales for the third quarter were approximately $2.0 billion, an increase of 2.9 percent over the third quarter of 2005. Comparable club sales for the third quarter of 2006 increased 0.1 percent, including a negative impact from sales of gasoline of about 0.6 percent.