BJ's Wholesale Club, Inc. (BJ) is falling during Wednesday's pre-market trading following the release of quarterly results. At 8:58 am ET the stock is trading at $39.96 down $0.53 from Tuesday's close.
With the decline, the stock stands to open below recent support and at its lowest level in about two weeks.
The company reported net income for the quarter of $36.5 million, or $0.61 per share, compared with net income of $36.3 million, or $0.55 per share, in the same quarter last year. Results for both periods include one-time items.
Net sales increased by 17.9% to $2.65 billion from $2.25 billion for the same quarter of 2007. Total revenues rose to $2.7 billion from $2.3 billion a year ago.
Comparable club sales increased by 15.5% for the quarter, including an 8.1% contribution from sales of gasoline.
Analysts, on average, polled by First Call/Thomson Financial expected earnings of $0.57 per share on revenues of $2.67 billion.
In addition, the company raised its earnings guidance for fiscal 2008 to a range of $2.10 - $2.20 per share from previous guidance of $2.04 - $2.14 per share. Analysts, on average, expect earnings of $2.14 per share for the year.
The company also announced that its board of directors has authorized an additional $200 million for share repurchases.
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