BJ's to close 46 in-store pharmacies
BJ's Wholesale Club Inc., the Natick chain of 171 club stores in 16 states, today lowered its fourth-quarter earnings guidance and said it will bring back several former executives as it plans to close 46 in-club pharmacies.
BJ's said it now expects that lower-than-planned sales and margins during the fourth-quarter will have a negative impact on fourth-quarter and full-year earnings of about 18 to 20 cents per diluted share.
Including reserves set aside for the pharmacy closings and other restructuring costs, BJ's said it has lowered its earnings guidance for the fourth quarter to a range of 17 cents to 25 cents per diluted share; the company's previous guidance for the fourth-quarter, issued Nov. 14, was for diluted earnings per share of 83 to 87 cents.
BJ's also announced changes to its senior management team, noting that former executives Laura Sen and Ed Gillooly are returning to the company. In November, BJ's chief executive Mike Wedge abruptly resigned.
BJ's announcement that it will close pharmacies comes as Wal-Mart Stores Inc. has been introducing a discounted generic prescription drug program around the country.
(By Chris Reidy, Globe staff)
