BJ's Wholesale (BJ) posted soft December sales, set a restructuring and shook up management.

The Natick, Mass., wholesale club also slashed full-year earnings guidance and guided below the Wall Street consensus for fiscal 2008.

BJ's said sales in stores open at least a year rose 0.6% in December, below the 1.3% gain predicted in a Thomson Financial poll. BJ's said it expects same-store sales to rise 1%-3% in January and reported that soft fourth-quarter sales will wipe 18 to 20 cents off earnings for the quarter.

The company will close its two ProFoods Restaurant Supply locations and close its 46 in-club pharmacies. It will take 42 to 48 cents a share in charges tied to those closings and some reserves for credit card issues.

The company said that after those charges it expects to earn 17 to 25 cents a share for the fourth quarter, substantially below the 83-cent Thomson Financial target. BJ's guided to fiscal 2008 earnings of $1.60 to $1.70 a share, below the $1.88 Thomson target.

BJ's also said Frank Forward, executive vice president and chief financial officer, has agreed to extend his tenure for another three years. Meanwhile, Laura Sen has been named executive vice president of merchandising and logistics, and Ed Gillooly has been named senior vice president of marketing and membership.

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