BJ's Wholesale Club
raised its full-year outlook as it announced that its first-quarter profit soared 41%, beating analysts' expectations.
During the quarter, the company earned $24.3 million, or 45 cents a share, compared with $17.2 million, or 29 cents, a year earlier. Analysts expected earnings of 44 cents a share.
While warehouse clubs are easily outshining full-price retailers, they are experiencing a slight downturn compared to last year. Last year, higher gas prices had driven greater sales at their fuel stations.
Sales rose slightly to $2.26 billion from $2.25 billion, but total same-store sales declined 1.5%.
BJ's now expects full-year earnings in the range of $2.44 to $2.54 a share, up from already raised forecast of $2.42 to $2.52 a share.
was upgraded to outperform from neutral before the opening bell by a Credit Suisse analyst.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.