Charge Hits BJ's Wholesale Club - TheStreet

BJ's Wholesale Club

(BJ) - Get Report

reported lower fourth-quarter income because of an accounting charge, but otherwise beat analysts' earnings expectations, thanks partly to gasoline sales.

The company had net income of $47.0 million, or 67 cents a share, compared with $49.2 million, or 70 cents a share, a year ago.

Results were affected by a $7.2 million, or 6 cents a share, pretax charge resulting from a correction of accounting errors for certain leases.

The No. 3 warehouse club said its fourth-quarter guidance of 69 cents to 73 cents a share did not reflect that charge. Excluding items, BJ's earned 73 cents a share vs. 65 cents a share a year ago. Analysts expected 71 cents a share on revenue of $2.09 billion.

Revenue rose 6.9% in the fourth quarter from a year ago to $2 billion, while same-store sales rose 3.4% in the quarter, helped by gasoline sales.

The company reported February same-store sales rose 6.7%.

Shares closed at $30.57 Monday.