Retail
Gas Sales Boost Profit at BJ's Wholesale
The Associated Press
11/19/08 - 08:12 AM EST
NATICK, MA -- BJ's Wholesale Club (BJ) says 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 per share, from $22.7 million, or 35 cents per share, last year.
The Natick, Massachusetts-based company, one of the few retailers benefiting from a weak economy as consumers turn to discounters for deals on basics, says revenue rose 13% to $2.46 billion.
Analysts expected a profit of 46 cents per 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.