BJ's racks up substantial gains in fiscal 1Q

BJ's Wholesale Club Inc reported net income of $18.6 million for its fiscal first quarter ended April 30, 2005, compared with net income of $16.1 million for the first quarter of 2004.

Net sales for the first quarter increased by 9.8% to $1.8 billion, and comparable club sales rose by 5.8%, including a contribution from gasoline sales of 70 basis points.

The company also announced that it repurchased about 1.2 million shares of BJ's common stock during the first quarter at an average cost of $28.84 per share, for a total of approximately $33.6 million.

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