BJ’s Wholesale Q2 profit up 28%
Westborough, Mass. — BJ’s Wholesale Club reported Wednesday that net income for the quarter ended July 30 increased 28% to $45.7 million, compared with $35.7 million in the year-ago period.
The warehouse club operator said revenue rose 11% to $3.05 billion from $2.75 billion, beating an expected $2.98 billion. Revenue from membership fees increased to $51.8 million from $47.5 million, while net sales rose to $2.98 billion from $2.69 billion. Same-store sales rose 7.8%, including a 4% contribution from fuel sales.
"It is clear that our members are doing more of their weekly food shopping with us. And I believe that we have tremendous opportunities to further grow our business," Laura Sen, BJ’s president and CEO, said in a statement.
Staples Q2 profit up 36%
Framingham, Mass. — Staples reported Wednesday that profit for the quarter ended July 30 rose 36% to $176.4 million, compared with $129.8 million in the year-ago period. The quarter included the first weeks of the back-to-school shopping season.
Revenue rose 5% to $5.82 billion, beating Wall Street’s expected $5.64 billion. Same-store sales were flat.
Target profit rises better-than-expected 3.7%
Minneapolis — Target Corp. reported Wednesday that earnings for the second quarter rose 3.7%, boosted by same-store sales growth and beating Wall Street expectations.
The retailer posted a profit of $704 million for the quarter ended July 30, compared with $679 million in the year-ago period. Revenue rose 4.6% to $16.24 billion, besting analysts’ expected $16.17 billion. Same-store sales rose 3.9%.
Target has benefited from fewer problems in its credit card business, but still is cautionary about waning purchases by lower-income shoppers squeezed by the economy.
The retailer is readying for its Canadian debut in 2013.