The establishment of a US$11.7m settlement fund has hit third-quarter earnings at US retailer BJ’s Wholesale Club.
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The company posted third-quarter income of US$17.7m, down from $28.8m last year.
The settlement, which is costing the company $6.9m after tax, resolves wage and hour classification claims and remains subject to court approval, the company said.
The results also included post-tax expense of $0.5m related to the closure of a store in Greenville, South Carolina.
For the first nine months of 2009, net income was $77.1m, down from $81.9m last year.
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By GlobalDataNet sales for the third quarter ended 31 October increased by 2% to $2.45bn, from $2.40bn. Nevertheless, nine-month sales were down 1.2% to $7.22bn.
