China considers same tax rate for domestic, overseas firms (AFP)
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BJ's Wholesale profit up, raises full-year view (Reuters)
2008.08.2039 minutes ago
NEW YORK (Reuters) - BJ's Wholesale Club Inc (BJ.N) said on Wednesday quarterly profit rose as shoppers headed to its stores in search of low prices on food and fuel, and the No. 3 U.S. warehouse club operator raised its full-year profit forecast.
Profit for the second quarter ended August 2 was $36.5 million, or 61 cents per share, up from $36.3 million, or 55 cents per share, a year earlier.
Excluding a benefit of 3 cents per share for state income tax audit settlements, BJ's earned 58 cents per share in the latest quarter. Analysts, on average, had been expecting it to earn 57 cents per share, according to Reuters Estimates.
Shoppers pay an annual fee to shop at warehouse clubs like BJ's, Costco Wholesale Corp (COST.O) and Wal-Mart Stores Inc's (WMT.N) Sam's Club to get discounts on everything from fresh food to bulk-sized packages of paper towels.
Many warehouse club locations also operate gas stations, which typically sell fuel cheaper than local competitors. The gas stations have been a lure to shoppers in recent months, as they have looked to offset surging prices at the pump.
BJ's quarterly net sales, which exclude membership fee revenue, rose 17.9 percent to $2.65 billion from $2.25 billion. Sales at clubs open at least a year, a key retail gauge known as same-store sales, jumped 15.5 percent, including an 8.1 percent contribution from sales of gasoline.
Membership fees and other revenue rose to $48.1 million from $46.8 million.
BJ's said it now expects full-year earnings per share of $2.10 to $2.20, up from a previous forecast of $2.04 to $2.14. Analysts, on average, had been expecting it to earn $2.14 per share.
BJ's also said its board authorized an additional $200 million for share repurchases.
(Reporting by Nicole Maestri; Editing by Gerald E. McCormick)
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