BJ's quarterly income up, raises FY guidance

NATICK, Mass. BJ’s Wholesale Club reported net income for the first quarter of 2010 of $26.1 million, or 49 cents per diluted share. For the first quarter of 2009, the company reported net income of $24.3 million, or 45 cents per diluted share.

Net sales for the first quarter of 2010 increased by 12.9% to $2.55 billion and comparable-club sales increased by 7.8%, including a contribution from sales of gasoline of 3.6%. Excluding the impact of gasoline, merchandise comparable-club sales increased by 4.2%. Net sales for the first quarter of 2009 increased by 0.2% to $2.26 billion and comparabl- club sales decreased by 1.5%, including the negative impact from sales of gasoline of 9%. Excluding the impact of gasoline, merchandise comparable-club sales increased by 7.5%.

The company also announced revised earnings guidance. For the year ending Jan. 29, 2011, the company now expects to report earnings per diluted share in the range of $2.58 to $2.68 and net income in the range of $136.9 million to $141.9 million. Previous guidance was for earnings per diluted share in the range of $2.54 to $2.64 and net income in the range of $133.1 million to $138.1 million.