BJ's Wholesale Club's
first-quarter profit fell 17.2% as higher expenses offset an increase in revenue.
The warehouse club retailer earned $15.4 million, or 23 cents a share, in the quarter, compared with $18.6 million, or 27 cents a share, a year ago. The earnings include 3 cents a share for House2Home bankruptcy recoveries and stock options expense of 4 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 19 cents a share in the most recent quarter.
Revenue rose 6.1% to $1.92 billion, in line with analysts' expectations.
Comparable club sales rose 2% during the quarter. Gasoline sales contributed 1.4% to the overall comparable sales increase.
Net sales increased 6.2% to $1.88 billion and membership fees increased 4.2% to $42.5 million.
During the first quarter, the company repurchased around 658,500 shares at an average cost of $30.58 a share.
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