UPDATE: BJ's Wholesale Club Reports Q1 Profit of $33.67 million

BJ's Wholesale Club Inc BJ released its results for the first-quarter on Wednesday. The company reported its Q1 profit at $33.67 million, or $0.62 per share, versus $26.1 million, or $0.49 per share, in the year-earlier period. Its sales surged 10% to $2.77 billion. However, analysts were expecting earnings of $0.56 per share on revenue of $2.77 billion. The company projects Q2 earnings of $0.74 to $0.78 per share, versus analysts' estimates of $0.73 per share. BJ's projects 2011 earnings of $2.68 to $2.88 per share, versus analysts' estimates of $2.80 per share. BJ's shares gained 0.02% to $51.30 in after-hours trading. Read more from Benzinga's Company news.