BJ's Wholesale Club 4Q profit up on settlements

NATICK, Mass. – BJ's Wholesale Club says its fiscal fourth-quarter profit rose 5 percent partly on favorable state income tax audit settlements.

The nation's third-biggest warehouse club says its earnings climbed to $52.7 million, or 91 cents per share, from $50.2 million, or 80 cents per share, in the same quarter a year ago.

Excluding the audit settlements which added 2 cents per share, BJ's reported profit of 89 cents per share in the quarter ended Jan. 31.

Revenue grew 3 percent to $2.56 billion from $2.48 billion.

Analysts polled by Thomson Reuters forecast net income of 86 cents per share on sales of $2.63 billion.

Same-store club sales, or sales at locations open at least a year, increased 1.7 percent.

BJ's projects earnings of $2.26 to $2.36 per share in 2009.

Source: http://news.yahoo.com/