BJ's Wholesale Club Inc. on Tuesday said quarterly profit fell as the No. 3 U.S. warehouse club operator works to turn around its business.
Profit for the fiscal first quarter, ended May 5, was $13.65 million, or 21 cents per share, compared with $15.42 million, or 23 cents per share, a year earlier.
BJ's earned 20 cents a share, excluding a 1 cent-a-share gain from the sale of pharmacy-related assets.
Analysts, on average, were expecting it to earn 20 cents per share, according to Reuters Estimates
BJ's, which has lagged behind larger rivals Costco Wholesale Corp.
Chief Executive Herb Zarkin, named to the job in March after holding the position on an interim basis, is trying to cut the number of items that BJ's offers and stock merchandise that either has better margins or sells faster.