BJ's Wholesale Club Inc. (BJ, Financial) filed Quarterly Report for the period ended 2011-07-30.
Bjs Wholesale Club Inc. has a market cap of $2.79 billion; its shares were traded at around $50.82 with a P/E ratio of 17.7 and P/S ratio of 0.3. Bjs Wholesale Club Inc. had an annual average earning growth of 3.5% over the past 10 years.
Net income increased 27.8% to $45.7 million, or $0.84 per diluted share in this years second quarter, compared to $35.8 million, or $0.67 per diluted share in last years second quarter.
Loss from discontinued operations (net of income tax benefit) was $1.1 million in this years first six months versus $1.6 million in last years first six months. This years results include $0.7 million of post-tax accretion expense on BJs closed clubs and ProFoods lease obligations, a $0.2 million post-tax charge related to a change in estimate for expected sublease income on these lease obligations, and a $0.2 million post-tax charge to repair insured property damage at one of the closed BJs clubs. Last years results include the post-tax operating loss of the five BJs clubs closed in 2010 of $1.4 million and $0.2 million of post-tax accretion expense on BJs closed club and ProFoods lease obligations.
Net cash used in investing activities totaled $63.0 million in the first six months of 2011 compared to $76.1 million in the first six months of 2010, a decrease of $13.1 million. This decrease was due to lower spending on property additions of $13.3 million. One new club was opened in this years first six months and the remainder of our expected 2011 club openings are planned for the second half of the year. We opened two new clubs and relocated one club in last years first sixth months. Our full-year capital expenditures are expected to total approximately $180 million to $200 million, including plans to open six to eight new clubs, including one relocation. Forecasted full year capital expenditures also include approximately $53 million on technology projects and approximately $25 million on club renovations. The timing of actual openings and renovations and the amount of related expenditures could vary from these estimates due, among other things, to the complexity of the real estate development process. Spending on information technology projects could vary due to the complexity of the projects and the availability of resources needed to complete projects.
Net cash provided by financing activities totaled $4.0 million in the first six months of 2011 compared to net cash used in financing activities of $0.3 million in the first six months of 2010, an increase of $4.3 million. The increase is primarily attributable to a $12.0 million decrease in cash expended for treasury stock purchases in 2011, partially offset by an $8.4 million decrease in proceeds from stock option exercises. In last years first six months we repurchased 122,800 shares of our common stock for $4.2 million, all of which was purchased in the first quarter. We did not repurchase shares in this years first six months. All of our treasury stock expenditures in 2011 related to the reacquisition of treasury shares upon the vesting of employees restricted stock awards.
In twelve separate authorizations beginning August 26, 1998, with the most recent authorization being announced on March 29, 2010 for an additional $200.0 million, the Board of Directors has authorized a total of $1.35 billion of common stock repurchases. Under the program, repurchases may be made at managements discretion, in the open market or in privately negotiated transactions. No expiration dates were set under any of the Boards authorizations. From the inception of the program through July 30, 2011, we have repurchased approximately 34.6 million shares for a total of $1.08 billion, leaving a remaining authorization of $272.0 million.
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Bjs Wholesale Club Inc. has a market cap of $2.79 billion; its shares were traded at around $50.82 with a P/E ratio of 17.7 and P/S ratio of 0.3. Bjs Wholesale Club Inc. had an annual average earning growth of 3.5% over the past 10 years.
Highlight of Business Operations:
Loss from discontinued operations (net of income tax benefit) was $0.6 million in this years second quarter versus $0.9 million in last years second quarter. This years results include $0.4 million of post-tax accretion expense on BJs closed clubs and ProFoods lease obligations, and a $0.2 million post-tax charge related to a change in estimate on expected sublease income on these lease obligations. Last years results include the post-tax operating loss of the five BJs clubs closed in 2010 of $0.8 million and $0.1 million of post-tax accretion expense on BJs closed club and ProFoods lease obligations.Net income increased 27.8% to $45.7 million, or $0.84 per diluted share in this years second quarter, compared to $35.8 million, or $0.67 per diluted share in last years second quarter.
Loss from discontinued operations (net of income tax benefit) was $1.1 million in this years first six months versus $1.6 million in last years first six months. This years results include $0.7 million of post-tax accretion expense on BJs closed clubs and ProFoods lease obligations, a $0.2 million post-tax charge related to a change in estimate for expected sublease income on these lease obligations, and a $0.2 million post-tax charge to repair insured property damage at one of the closed BJs clubs. Last years results include the post-tax operating loss of the five BJs clubs closed in 2010 of $1.4 million and $0.2 million of post-tax accretion expense on BJs closed club and ProFoods lease obligations.
Net cash used in investing activities totaled $63.0 million in the first six months of 2011 compared to $76.1 million in the first six months of 2010, a decrease of $13.1 million. This decrease was due to lower spending on property additions of $13.3 million. One new club was opened in this years first six months and the remainder of our expected 2011 club openings are planned for the second half of the year. We opened two new clubs and relocated one club in last years first sixth months. Our full-year capital expenditures are expected to total approximately $180 million to $200 million, including plans to open six to eight new clubs, including one relocation. Forecasted full year capital expenditures also include approximately $53 million on technology projects and approximately $25 million on club renovations. The timing of actual openings and renovations and the amount of related expenditures could vary from these estimates due, among other things, to the complexity of the real estate development process. Spending on information technology projects could vary due to the complexity of the projects and the availability of resources needed to complete projects.
Net cash provided by financing activities totaled $4.0 million in the first six months of 2011 compared to net cash used in financing activities of $0.3 million in the first six months of 2010, an increase of $4.3 million. The increase is primarily attributable to a $12.0 million decrease in cash expended for treasury stock purchases in 2011, partially offset by an $8.4 million decrease in proceeds from stock option exercises. In last years first six months we repurchased 122,800 shares of our common stock for $4.2 million, all of which was purchased in the first quarter. We did not repurchase shares in this years first six months. All of our treasury stock expenditures in 2011 related to the reacquisition of treasury shares upon the vesting of employees restricted stock awards.
In twelve separate authorizations beginning August 26, 1998, with the most recent authorization being announced on March 29, 2010 for an additional $200.0 million, the Board of Directors has authorized a total of $1.35 billion of common stock repurchases. Under the program, repurchases may be made at managements discretion, in the open market or in privately negotiated transactions. No expiration dates were set under any of the Boards authorizations. From the inception of the program through July 30, 2011, we have repurchased approximately 34.6 million shares for a total of $1.08 billion, leaving a remaining authorization of $272.0 million.
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