BJ’s quarterly profit rises 29 percent
WESTBOROUGH — BJ’s Wholesale Club Inc. said yesterday its first-quarter profit jumped 29 percent and raised its full-year earnings outlook as food and gasoline sales rose.
The Westborough warehouse-club operator reported net income of $33.7 million, or 62 cents per share, in the three months that ended April 30, which beat its forecast of 54 to 58 cents per share. That compares with a profit of $26.1 million, or 49 cents per share, a year earlier.
Revenue climbed 10 percent to $2.83 billion. Much of that increase was a result of higher gasoline prices.
Analysts surveyed by FactSet expected, on average, earnings of 56 cents per share.
BJ’s also said it now expects earnings of between $2.68 and $2.88 per share for its full fiscal year, up from its forecast in March of $2.62 to $2.82. Analysts expect earnings of $2.80 per share.
For the first quarter, BJ’s sales at clubs open at least a year rose 6.3 percent, or 2.4 percent excluding the impact of gasoline sales. This is considered a key measure of financial performance.
The company expects second-quarter earnings of 74 to 78 cents per share, slightly ahead of analyst expectations of 73 cents.