BJ's 2Q net income edges up, cuts yearly view

Associated Press

NATICK -- Warehouse club operator BJ's Wholesale Club Inc. said its second-quarter net income rose 2 percent, but the company lowered its guidance for the year.

Net income for the three months ended July 31 was $35.8 million, or 67 cents per share, compared with $35.1 million, or 64 cents per share last year. Revenue rose 9 percent to $2.79 billion from $2.57 billion last year. Analysts polled by Thomson Reuters, on average, expected higher net income of 73 cents per share on revenue of $2.8 billion.

The company lowered its earnings guidance for the year. It now expects earnings of $2.40 to $2.50 per share, from prior guidance of $2.58 to $2.68 per share. Analysts expect $2.67 per share.

It expects revenue to rise 8 percent to 10 percent, from earlier guidance of a 9.2 percent to an 11.2 percent rise. The change is due to lower expected sales of merchandise. Expectations for sales of gasoline remained unchanged.