US: BJ’s profit jumps, lifts outlook

BJ’s Wholesale Club today (18 May) raised its full-year earnings outlook as it booked a 29% jump in first-quarter profits.

Net income rose to US$33.7m in the three months ended 30 April, up from a profit of $26.1m in the same quarter last year.

Revenue climbed 10% to $2.83bn, boosted by higher gas and food sales. Same-store club sales rose 6.3%, or 2.4% excluding gas. Food sales rose by 4%, driven primarily by an 8% increase in perishable foods. General merchandise revenues were down about 1% on the year.

BJ’s said it now expects full-year earnings of between $2.68 and $2.88 per share, up from its forecast in March of $2.62 to $2.82.

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