Gas sales boost BJ's revenue
Natick-based BJ’s Wholesale Club Inc.’s March same-store sales rose 6 percent, boosted by higher gasoline prices.
Same-store sales, or sales at stores open at least a year, is a key measure of retailer performance, because it measures growth at existing stores rather than from newly opened ones.
Analysts expected an increase of 3.1 percent, according to Thomson Financial, compared with a 5.5 percent rise last year.
BJ’s said gas sales accounted for 3.4 percentage points of the 6-point gain. Gasoline prices have surged to record highs in recent weeks after the price of oil rose past $100 per barrel. Same-store merchandise sales rose 2.6 percent, slower than in the year-ago period. However, food sales rose by about 5 percent, while general merchandise slipped by about 1 percent.
Total sales for the five weeks ended April 5 rose 8.5 percent to $858.1 million, from $790.9 million a year ago. Gas and food sales rose, while general merchandise slipped.
Year to date, total sales are up 8.7 percent to $1.5 billion.
(AP)
