Minus charge, BJ's numbers please street.(Brief Article)
Home Textiles Today, March, 2005 by Hogsett, Don
NATICK, MASS. -- Nicked by a $7.2 million non-cash charge to correct errors in the way it accounted for leases, BJ's Wholesale Club saw a 4.4 percent dip in fourth quarter profits, to $47 million from $49.2 million last year. But stripping out one-time items, the no-frills retailer said its earnings in the period actually advanced 12.3 percent, helped by rising sales and stronger margins, to 73 cents per fully diluted share, up from 65 cents per share during the same period a year ago.
Wall Street was wowed, and sent the retailer's share price rocketing up 8.9 percent, or $2.73 a share, to $33.30 in heavy mid-day trading on Tuesday, March 1, the day the news was released. Overall sales, including membership fees, advanced 7 percent, to $2.1...
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