BJ's posts higher 2Q profit, raises outlook

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BJ's posts higher 2Q profit, raises outlook

By CBS 3 Springfield News

Story Published: Aug 20, 2008 at 9:32 PM EST

Story Updated: Aug 20, 2008 at 9:32 PM EST

NATICK, Mass. (AP) - BJ's Wholesale Club is reporting a higher
second-quarter profit and has raised its full-year earnings
forecast -- confident that frugal shoppers will continue to look
for discounts.

Despite the upbeat financial report, shares of the Natick-based
company dropped more than 7 percent today to close at $37.71.

The nation's third-largest warehouse club posted earnings of
$36.5 million, or 61 cents per share, in the three months ended
August 2. That's up from $36.3 million, or 55 cents per share, in
the same period last year.

BJ's says it now expects full-year profit of between $2.10 to
$2.20 per share, up from its May guidance of $2.04 to $2.14 per
share.

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