BJ's Wholesale Club raised its full-year earnings outlook as it booked a 29% jump in first-quarter profits.Net income rose to $33.7 million in the three months ended April 30, up from a profit of $26.1 million in the same quarter last year.
Revenue climbed 10% to $2.83 billion, boosted by higher gas and food sales. Same-store club sales rose 6.3%, or 2.4% excluding gas. Food sales rose by 4%, driven primarily by an 8% increase in perishable foods. General merchandise revenues were down about 1% on the year.
BJ's said it now expects full-year earnings of between $2.68 and $2.88 per share, up from its forecast in March of $2.62 to $2.82.
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