Westborough, Mass. -- BJ's Wholesale Club's fiscal fourth-quarter net income fell 81% on a one-time $41.1 million charge related to store closings, restructuring and asset impairment. But its adjusted earnings beat expectations.
The wholesale club operator earned $10.2 million for the quarter, compared with $54.5 million a year ago.
Net sales for the fourth quarter ended Jan. 29, increased by 7.4% to $2.90 billion, and comparable club sales increased by 3.8%, including a contribution from sales of gasoline of 2.1%.
For the year ended Jan. 29, BJ’s reported net income of $95.0 million.
BJ's announced in January that it was closing five stores and cutting nearly 500 jobs.