WESTBOROUGH, Mass. — BJ's Wholesale Club here said Wednesday that its profits for the fiscal second quarter outpaced its guidance, and noted particular strength in grocery departments.
Net income in the 13-week quarter, which ended July 30, rose 27.7%, to $45.7 million, on an 11% rise in revenues, to $3.05 billion. Comparable-stores sales, excluding gas, were up 3.8%, as previously reported. Through the first half, net income was $79.4 million, up 28.3% vs. year-ago results. Revenues were up 10.5%, to $5.88 billion.
"We are very excited about our positive sales momentum for the second quarter and first half of 2011," said Laura Sen, BJ's president and chief executive officer, in a prepared release. "It is clear that our members are doing more of their weekly food shopping with us."
Sales of food increased by approximately 5% for the second year in a row, driven primarily by an 8% increase in perishable foods, BJ's said.
The company, which has agreed to be acquired by Leonard Green & Partners and CVC Capital Partners, did not have a conference call with analysts.