BJ's Wholesale Club net income rises
NATICK -- BJ's Wholesale Club says its third-quarter profit rose on higher revenue of gas and merchandise. The earnings beat expectations and the company is raising its guidance for the year.
There have been rumors, meanwhile, that BJ's might put itself up for a potential auction or seek other business alternatives.
(During a conference call with investors this morning, BJ's said that it would not be making any comments on recent speculation of a possible sale, Jenn Abelson of the Globe Staff reported. The company also added that it would not do any stock repurchasing in the fourth quarter because of recent volatility in its stock.)
In its press release on earnings, the warehouse club operator said net income rose to $23 million, or 43 cents per share. That's up from $17.4 million, or 32 cents per share. Analysts expected 36 cents per share.
Revenue is up 5 percent to $2.63 billion from $2.51 billion last year. That came up just shy of the $2.64 billion expected by analysts.
There have been rumors that BJ's might put itself up for a potential auction or seek other business alternatives.
The company is raising its revenue and earnings guidance for the year.
(BJ's said it would not issue guidance for next year until March, Abelson reported.)