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BJ's Wholesale Club Posts 'Solid' 3Q Results

NATICK, Mass. - BJ's Wholesale Club yesterday reported net sales for its third quarter ended Oct. 30 of $1.8 billion, an increase of 9.8 percent, and a rise in comparable-club sales of 6.1 percent, including a contribution from sales of gas of four cents. Year-to-date net sales went up 11.5 percent to $5.2 billion, with a 7.1 percent rise in comparable-club sales, including a contribution of sales of gas of 1.1 percent.

The company also posted third-quarter net income of $23.2 million, or 33 cents per diluted share, a rise of 13.8 percent over the year-ago period. Net income for BJ's 2003 third quarter was $20.4 million, or 29 cents per diluted share.

For the first nine months of 2004, BJ's net income was $67.4 million, or 96 cents per diluted share. For the first nine months of 2003, the company reported net income before the cumulative effect of accounting changes of $54.9 million, or 79 cents per diluted share. Including the cumulative effect of accounting changes, BJ's 2003 net income year-to-date was $53.6 million, or 77 cents per diluted share.

BJ's president and c.e.o. Mike Wedge said in a statement: "We are very pleased with our strong earnings performance and solid comp-store sales growth for the third quarter and first nine months of 2004. We attribute these positive results to the Member Insight-based merchandising and operational improvements we have made throughout the year to make our clubs more compelling and more relevant to our members."
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