March 7, 2007
Wholesale club profits drop 77%
By Matthew L. Brown
Natick-based BJ's Wholesale Club Inc. today reported $11.9 million in net income for the fourth quarter of 2006, a 77 percent decline.
The company recorded $51.6 million in net income during the same period one year ago.
For the year, net income totaled $72 million, or $1.08 per diluted share. In 2005, the company reported net income of $128.5 million, or $1.87 per diluted share.
Fourth quarter 2006 net sales for the company rose to $2.4 billion, and beat the fourth quarter of 2005 by 13.4 percent. However, the company notes there were 14 weeks in the fourth quarter of 2006 and 13 in the fourth quarter of 2005.
When adjusted to compare sales based on 14-week periods during the fourth quarter of 2005 and 2006, sales climbed by 1.5 percent, according to the company.
The company recorded $51.6 million in net income during the same period one year ago.
For the year, net income totaled $72 million, or $1.08 per diluted share. In 2005, the company reported net income of $128.5 million, or $1.87 per diluted share.
Fourth quarter 2006 net sales for the company rose to $2.4 billion, and beat the fourth quarter of 2005 by 13.4 percent. However, the company notes there were 14 weeks in the fourth quarter of 2006 and 13 in the fourth quarter of 2005.
When adjusted to compare sales based on 14-week periods during the fourth quarter of 2005 and 2006, sales climbed by 1.5 percent, according to the company.
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