BJ’s Wholesale Club reports 3Q results; plans expansion

NATICK, Ma. In its third quarter company call, BJ’s Wholesale Club executives told stockholders that the company is planning for greater expansion over the course of the year than previously considered.

BJ’s will open three more stores by the close of the current fiscal year, and, the company plans to open eight new stores in fiscal 2009, the company said.

In the conference call, the company said that net sales for third quarter 2008 totaled about $2.4 billion, up13.4 percent from third quarter 2007. The hike in gas prices padded net income so the total reported for third quarter was $28.2 million, up from $22.7 million at the same time the year prior.

Same store sales, not including gas, were up 6.6 percent, total comp increase of 11.9 percent, the company said. The wholesale chain reported that food comp sales were up 11 percent. General merchandise sales were down 1 percent, the company reported.