May 21, 2008
BJ's Wholesale profit up 26 pct, boosts guidance
BJ's Wholesale Club Inc. reported a nearly 26 percent increase in its first-quarter profit and raised earnings expectations for the full year, reaping the benefits of a tough economy that's increasingly sending shoppers to discounters in search of deals.
The nation's third-largest discount warehouse club said Wednesday it earned $17.19 million, or 29 cents per share, in the three months ended May 3. That's up from a profit of $13.65 million, or 21 cents per share, a year ago, when results were boosted a penny per share from the asset sales after BJ's closed 46 in-store pharmacies.
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