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Gas Sales Help BJ's Earnings Rise 24%

The Associated Press

NATICK, Mass. -- BJ's Wholesale Club (BJ Quote) said third-quarter profit rose 24%, helped by sales of gasoline.

The warehouse-club operator's profit for the quarter ended Nov. 1 rose to $28.2 million, or 48 cents a share, from $22.7 million, or 35 cents a share, last year.

BJ's, one of the few retailers benefiting from a weak economy as consumers turn to discounters for deals on basics, said revenue rose 13% to $2.46 billion.

Analysts expected a profit of 46 cents a share on revenue of $2.45 billion. Earlier this month, BJ's raised its earnings outlook for the quarter.

Sales in stores open at least one year rose 11.9%, or 6.6% excluding gas.

BJ's competitor Costco(COST Quote) said earlier this month that comparable-store sales in October fell 1%, but total sales for the month increased 2% to $5.3 billion from $5.2 billion a year earlier.

Meanwhile, Wal-Mart(WMT Quote), the world's biggest retailer, reported third-quarter earnings that topped analysts' expectations as sales rose 7.5% to $97.6 billion. The company, however, trimmed its earnings forecast for the fiscal year.