BJ'S WHOLESALE CLUB HOLDINGS, INC., 10-Q filed on 8/29/2024
Quarterly Report
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Cover - shares
 6 Months Ended
Aug. 03, 2024
Aug. 21, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 03, 2024  
Document Transition Report false  
Entity File Number 001-38559  
Entity Registrant Name BJ’S WHOLESALE CLUB HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2936287  
Entity Address, Address Line One 350 Campus Drive  
Entity Address, City or Town Marlborough  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 01752  
City Area Code 774  
Local Phone Number 512-7400  
Title of 12(b) Security Common Stock, par value $0.01  
Trading Symbol BJ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   132,585,558
Entity Central Index Key 0001531152  
Amendment Flag false  
Current Fiscal Year End Date --02-01  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2024  
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Aug. 03, 2024
Feb. 03, 2024
Jul. 29, 2023
Current assets:      
Cash and cash equivalents $ 38,058 $ 36,049 $ 26,210
Accounts receivable, net 248,491 234,769 200,279
Merchandise inventories 1,546,211 1,454,822 1,540,508
Prepaid expenses and other current assets 82,333 68,366 76,309
Total current assets 1,915,093 1,794,006 1,843,306
Operating lease right-of-use assets, net 2,150,965 2,140,482 2,165,125
Property and equipment, net 1,697,139 1,578,792 1,428,576
Goodwill 1,008,816 1,008,816 1,008,816
Intangibles, net 104,370 107,632 111,568
Deferred income taxes 3,548 4,071 7,928
Other assets 49,971 43,823 38,577
Total assets 6,929,902 6,677,622 6,603,896
Current liabilities:      
Short-term debt 217,000 319,000 411,000
Current portion of operating lease liabilities 162,777 153,631 179,423
Accounts payable 1,285,733 1,183,281 1,226,490
Accrued expenses and other current liabilities 858,240 812,136 774,235
Total current liabilities 2,523,750 2,468,048 2,591,148
Long-term operating lease liabilities 2,058,071 2,050,883 2,075,058
Long-term debt 398,586 398,432 448,135
Deferred income taxes 70,976 74,773 64,095
Other non-current liabilities 223,612 226,635 194,171
Commitments and contingencies (see Note 5)
STOCKHOLDERS’ EQUITY      
Preferred stock; par value $0.01; 5,000 shares authorized, and no shares issued 0 0 0
Common stock, par value $0.01; 300,000 shares authorized, 148,757 shares issued and 132,766 outstanding at August 3, 2024; 147,544 shares issued and 132,768 outstanding at February 3, 2024; and 147,443 shares issued and 133,720 outstanding at July 29, 2023 1,488 1,475 1,474
Additional paid-in capital 1,044,196 1,006,409 983,366
Retained earnings 1,424,238 1,168,231 891,892
Accumulated other comprehensive income 501 501 1,049
Treasury stock, at cost, 15,991 shares at August 3, 2024; 14,776 shares at February 3, 2024; and 13,723 shares at July 29, 2023 (815,516) (717,765) (646,492)
Total stockholders’ equity 1,654,907 1,458,851 1,231,289
Total liabilities and stockholders’ equity $ 6,929,902 $ 6,677,622 $ 6,603,896
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Aug. 03, 2024
Feb. 03, 2024
Jul. 29, 2023
Statement of Financial Position [Abstract]      
Preferred stock, par value (in USD per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 5,000 5,000 5,000
Preferred stock, issued (in shares) 0 0 0
Common stock, par value (in USD per share) $ 0.01 $ 0.01 $ 0.01
Common stock, authorized (in shares) 300,000 300,000 300,000
Common stock, issued (in shares) 148,757 147,544 147,443
Common stock, outstanding (in shares) 132,766 132,768 133,720
Treasury stock (in shares) 15,991 14,776 13,723
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 03, 2024
Jul. 29, 2023
Aug. 03, 2024
Jul. 29, 2023
Total revenues $ 5,205,395 $ 4,963,540 $ 10,123,914 $ 9,686,682
Cost of sales 4,248,819 4,066,727 8,283,948 7,909,877
Selling, general and administrative expenses 750,323 694,960 1,472,094 1,384,288
Pre-opening expenses 2,578 1,584 3,442 5,478
Operating income 203,675 200,269 364,430 387,039
Interest expense, net 12,755 16,274 26,706 30,964
Income from operations before income taxes 190,920 183,995 337,724 356,075
Provision for income taxes 45,932 52,670 81,717 108,762
Income from continuing operations     256,007 247,313
Income from discontinued operations, net of income taxes     0 89
Net income $ 144,988 $ 131,325 $ 256,007 $ 247,402
Earnings Per Share, Basic [Abstract]        
Income from continuing operations (in USD per share)     $ 1.93 $ 1.86
Income from discontinued operations (in USD per share)     0 0
Net income (in USD per share) $ 1.09 $ 0.99 1.93 1.86
Earnings Per Share, Diluted [Abstract]        
Income from continuing operations (in USD per share)     1.91 1.82
Income from discontinued operations (in USD per share)     0 0.01
Net income (in USD per share) $ 1.08 $ 0.97 $ 1.91 $ 1.83
Weighted-average shares of common stock outstanding:        
Basic (in shares) 132,431 133,317 132,414 133,314
Diluted (in shares) 133,849 135,129 133,980 135,515
Other comprehensive income:        
Amounts released from other comprehensive income, net of tax     $ 0 $ (501)
Total other comprehensive income $ 0 $ 0 0 (501)
Total comprehensive income 144,988 131,325 256,007 246,901
Net sales        
Total revenues 5,092,279 4,859,842 9,899,408 9,480,462
Membership fee income        
Total revenues $ 113,116 $ 103,698 $ 224,506 $ 206,220
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
Treasury Stock
Balance at beginning of period (in shares) at Jan. 28, 2023   146,347        
Balance at beginning of period at Jan. 28, 2023 $ 1,046,837 $ 1,463 $ 958,555 $ 644,490 $ 1,550 $ (559,221)
Treasury stock at beginning of period (in shares) at Jan. 28, 2023           (12,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 116,077     116,077    
Other comprehensive loss, net of tax (501)       (501)  
Common stock issued under stock incentive plans (in shares)   1,033        
Common stock issued under stock incentive plans   $ 10 (10)      
Stock-based compensation expense 10,007   10,007      
Exercise of stock options 1,675   1,675      
Acquisition of treasury stock (in shares)           (560)
Acquisition of treasury stock (42,369)         $ (42,369)
Balance at end of period (in shares) at Apr. 29, 2023   147,380        
Balance at end of period at Apr. 29, 2023 1,131,726 $ 1,473 970,227 760,567 1,049 $ (601,590)
Treasury stock at end of period (in shares) at Apr. 29, 2023           (13,004)
Balance at beginning of period (in shares) at Jan. 28, 2023   146,347        
Balance at beginning of period at Jan. 28, 2023 1,046,837 $ 1,463 958,555 644,490 1,550 $ (559,221)
Treasury stock at beginning of period (in shares) at Jan. 28, 2023           (12,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 247,402          
Other comprehensive loss, net of tax $ (501)          
Balance at end of period (in shares) at Jul. 29, 2023 133,720 147,443        
Balance at end of period at Jul. 29, 2023 $ 1,231,289 $ 1,474 983,366 891,892 1,049 $ (646,492)
Treasury stock at end of period (in shares) at Jul. 29, 2023 (13,723)         (13,723)
Balance at beginning of period (in shares) at Apr. 29, 2023   147,380        
Balance at beginning of period at Apr. 29, 2023 $ 1,131,726 $ 1,473 970,227 760,567 1,049 $ (601,590)
Treasury stock at beginning of period (in shares) at Apr. 29, 2023           (13,004)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 131,325     131,325    
Other comprehensive loss, net of tax 0          
Common stock issued under stock incentive plans (in shares)   2        
Stock-based compensation expense 9,624   9,624      
Common stock issued under ESPP (in shares)   61        
Common stock issued under ESPP 3,255 $ 1 3,254      
Exercise of stock options 261   261      
Acquisition of treasury stock (in shares)           (719)
Acquisition of treasury stock $ (44,902)         $ (44,902)
Balance at end of period (in shares) at Jul. 29, 2023 133,720 147,443        
Balance at end of period at Jul. 29, 2023 $ 1,231,289 $ 1,474 983,366 891,892 1,049 $ (646,492)
Treasury stock at end of period (in shares) at Jul. 29, 2023 (13,723)         (13,723)
Balance at beginning of period (in shares) at Feb. 03, 2024 132,768 147,544        
Balance at beginning of period at Feb. 03, 2024 $ 1,458,851 $ 1,475 1,006,409 1,168,231 501 $ (717,765)
Treasury stock at beginning of period (in shares) at Feb. 03, 2024 (14,776)         (14,776)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 111,019     111,019    
Common stock issued under stock incentive plans (in shares)   703        
Common stock issued under stock incentive plans 0 $ 7 (7)      
Stock-based compensation expense 8,590   8,590      
Exercise of stock options 5,865   5,865      
Acquisition of treasury stock (in shares)           (763)
Acquisition of treasury stock (56,905)         $ (56,905)
Balance at end of period (in shares) at May. 04, 2024   148,247        
Balance at end of period at May. 04, 2024 $ 1,527,420 $ 1,482 1,020,857 1,279,250 501 $ (774,670)
Treasury stock at end of period (in shares) at May. 04, 2024           (15,539)
Balance at beginning of period (in shares) at Feb. 03, 2024 132,768 147,544        
Balance at beginning of period at Feb. 03, 2024 $ 1,458,851 $ 1,475 1,006,409 1,168,231 501 $ (717,765)
Treasury stock at beginning of period (in shares) at Feb. 03, 2024 (14,776)         (14,776)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 256,007          
Other comprehensive loss, net of tax $ 0          
Balance at end of period (in shares) at Aug. 03, 2024 132,766 148,757        
Balance at end of period at Aug. 03, 2024 $ 1,654,907 $ 1,488 1,044,196 1,424,238 501 $ (815,516)
Treasury stock at end of period (in shares) at Aug. 03, 2024 (15,991)         (15,991)
Balance at beginning of period (in shares) at May. 04, 2024   148,247        
Balance at beginning of period at May. 04, 2024 $ 1,527,420 $ 1,482 1,020,857 1,279,250 501 $ (774,670)
Treasury stock at beginning of period (in shares) at May. 04, 2024           (15,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 144,988     144,988    
Other comprehensive loss, net of tax 0          
Common stock issued under stock incentive plans (in shares)   450        
Common stock issued under stock incentive plans 0 $ 5 (5)      
Stock-based compensation expense 10,336   10,336      
Common stock issued under ESPP (in shares)   60        
Common stock issued under ESPP 3,411 $ 1 3,410      
Exercise of stock options 9,598   9,598      
Acquisition of treasury stock (in shares)           (452)
Acquisition of treasury stock $ (40,846)         $ (40,846)
Balance at end of period (in shares) at Aug. 03, 2024 132,766 148,757        
Balance at end of period at Aug. 03, 2024 $ 1,654,907 $ 1,488 $ 1,044,196 $ 1,424,238 $ 501 $ (815,516)
Treasury stock at end of period (in shares) at Aug. 03, 2024 (15,991)         (15,991)
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Aug. 03, 2024
Jul. 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 256,007 $ 247,402
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 128,559 109,015
Amortization of debt issuance costs and accretion of original issue discount 554 655
Stock-based compensation expense 18,926 19,631
Deferred income tax (benefit) provision (3,274) 10,641
Changes in operating leases and other non-cash items 6,479 762
Increase (decrease) in cash due to changes in:    
Accounts receivable, net (20,006) 39,797
Merchandise inventories (91,389) (161,957)
Prepaid expenses and other current assets (3,002) (14,083)
Other assets (6,548) (8,038)
Accounts payable 102,452 30,793
Accrued expenses and other current liabilities 34,312 (3,606)
Other non-current liabilities (872) (1,512)
Net cash provided by operating activities 422,198 269,500
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property and equipment, net of disposals (239,620) (214,240)
Proceeds from sale-leaseback transactions 0 5,988
Net cash used in investing activities (239,620) (208,252)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from revolving lines of credit 366,000 312,000
Payments on revolving lines of credit (468,000) (306,000)
Net cash received from stock option exercises 15,463 1,571
Net cash received from ESPP 3,411 3,255
Acquisition of treasury stock (99,965) (87,271)
Proceeds from financing obligations 6,008 9,058
Other financing activities (3,486) (1,566)
Net cash used in financing activities (180,569) (68,953)
Net increase (decrease) in cash and cash equivalents 2,009 (7,705)
Cash and cash equivalents at beginning of period 36,049 33,915
Cash and cash equivalents at end of period 38,058 26,210
Supplemental cash flow information:    
Interest paid 22,961 28,509
Income taxes paid 96,412 113,016
Operating lease liabilities arising from obtaining right-of-use assets and other non-cash lease-related operating items 104,306 111,465
Non-cash financing and investing activities:    
Finance lease liabilities arising from obtaining right-of-use assets 758 1,449
Property additions included in accrued expenses 40,739 30,535
Treasury stock repurchases included in accrued expenses $ 1,150 $ 0
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Description of Business
 6 Months Ended
Aug. 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
BJ’s Wholesale Club Holdings, Inc. and its wholly-owned subsidiaries is a leading operator of membership warehouse clubs concentrated primarily in the eastern half of the United States. The Company provides a curated assortment focused on groceries, fresh foods, general merchandise, gasoline, and other ancillary services to deliver a differentiated shopping experience that is further enhanced by our omnichannel capabilities. Additionally, the Company provides access to coupons and promotions to deliver further value to our members. As of August 3, 2024, the Company operated 244 warehouse clubs and 178 gas stations in 20 states.
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Summary of Significant Accounting Policies
 6 Months Ended
Aug. 03, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
(a) Basis of Presentation
The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with GAAP. 
The condensed consolidated balance sheet as of February 3, 2024 is derived from the audited consolidated balance sheet as of that date. The Company’s business, as is common with the business of retailers generally, is subject to seasonal influences. The Company’s sales and operating income have typically been highest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year. 
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year 2023, as filed with the Securities and Exchange Commission on March 18, 2024.
(b) Fiscal Year
The Company follows the National Retail Federation’s fiscal calendar and reports financial information on a 52- or 53-week year ending on the Saturday closest to January 31. The thirteen-week periods ended August 3, 2024 and July 29, 2023 are referred to herein as the "second quarter of fiscal year 2024" and the "second quarter of fiscal year 2023," respectively. The twenty-six week periods ended August 3, 2024 and July 29, 2023 are referred to herein as the "twenty-six weeks ended August 3, 2024" and the "twenty-six weeks ended July 29, 2023," respectively. Operating results for the thirteen week and twenty-six week periods ended August 3, 2024 are not necessarily indicative of the results that may be expected for the 52-week fiscal year ending February 1, 2025.
(c) Recent Accounting Pronouncements and Policies
The Company’s accounting policies are set forth in the audited financial statements included in the Company’s Annual Report on Form 10-K for fiscal year 2023. There have been no material changes to these accounting policies and no accounting pronouncements adopted that had a material impact on the Company’s financial statements.
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 will require public companies to disclose, on an annual basis, a tabular reconciliation, using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory tax, further broken out by nature and/or jurisdiction. ASU 2023-09 requires all entities to disclose, on an annual basis, the amount of income taxes paid (net of refunds received), disaggregated between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact the adoption of this new pronouncement will have on its financial statement disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands the segment reporting disclosures and requires disclosure of segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment
profit or loss, amounts and description of its composition for other segment items, and interim disclosure of a reportable segment’s profit or loss and assets. Additionally, the amendments require the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance and deciding how to allocate resources. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new pronouncement will have on its financial statement disclosures.
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Revenue Recognition
 6 Months Ended
Aug. 03, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Net sales
The Company recognizes net sales at clubs and gas stations when the customer takes possession of the goods and tenders payment. Sales tax is recorded as a liability at the point-of-sale. Revenue is recorded at the point-of-sale based on the transaction price, net of any applicable discounts, sales tax, and expected refunds. For e-commerce sales, the Company recognizes sales when control of the merchandise is transferred to the customer, which is typically at the time of shipment.
Rewards programs
The Company’s BJ’s Perks Rewards membership program which was in place in fiscal year 2022 and the first month of fiscal year 2023, allowed participating members to earn 2% cash back, up to a maximum of $500 per year, on qualified purchases made at BJ’s. The Company also offered a co-branded credit card program, the My BJ’s Perks program, which allowed My BJ’s Perks Mastercard credit card holders to earn up to a 10-cent per gallon discount on gasoline, up to 5% cash back on eligible purchases made in BJ’s clubs or online at bjs.com, and up to 2% cash back on purchases made with the card outside of BJ’s. Cash back was in the form of electronic awards issued in $10 increments that could be used online or in-club and expired six months from the date issued. 
In the first quarter of fiscal year 2023, the Company rebranded the rewards program. The former BJ's Perks Rewards membership program is now the Club+ program, whereby participating members earn 2% cash back, up to a maximum of $500 per year, on qualified purchases made at BJs and a 5-cent per gallon discount at BJ's gas locations. Cash back is in the form of electronic awards issued to each member once $10 in rewards have been earned. Earned rewards under the Club+ program do not expire.
The Company's co-branded credit card program is now the BJ's One and BJ's One+ program, which allows cardholders with the opportunity to earn up to 5% cash back on purchases made in BJ's clubs or online at bjs.com and up to a 15-cent per gallon discount on gasoline when paying with a BJ's One or BJ's One+ Mastercard at our BJ’s gas locations. Cash back is in the form of electronic awards issued to each member monthly on their credit card statement date. Earned rewards under the co-branded credit card program do not expire.
The Company accounts for these transactions as multiple-element arrangements and allocates the transaction price to separate performance obligations using their relative fair values. The Company includes the fair value of award dollars earned in deferred revenue at the time the award dollars are earned. Earned awards may be redeemed on future purchases made at the Company. The Company recognizes revenue related to earned awards when customers redeem such awards as part of a purchase at one of the Company’s clubs or on the Company’s website or mobile app. The Company recognizes royalty revenue related to the outstanding My BJ's Perks and BJ's One and BJ's One+ credit card programs based upon actual customer activities, such as reward redemptions. Additionally, the Company deferred revenue for funds received related to marketing and other integration costs in connection with the new co-brand credit card program and will recognize these funds into revenue as performance obligations are satisfied.
Membership
The Company charges a membership fee to its customers, which allows customers to shop in the Company’s clubs, shop on the Company’s website, and purchase gasoline at the Company’s gas stations for the duration of the membership, which is generally 12 months. In addition, members have access to other ancillary services, coupons, and promotions. As the Company has the obligation to provide access to its clubs, website, and gas stations for the duration of the membership term, the Company recognizes membership fees on a straight-line basis over the life of the membership.
Gift Card Programs
The Company sells BJ’s gift cards that allow customers to redeem the cards for future purchases equal to the amount of the face value of the gift card. Revenue from gift card sales is recognized upon redemption of the gift cards and control of the purchased goods or services is transferred to the customer.
Contract Balances
The following table summarizes the Company's deferred revenue balance related to outstanding performance obligations for contracts with customers (in thousands):
August 3, 2024February 3, 2024July 29, 2023
Current:
   Rewards programs:
   Earned award dollars$55,688 $49,135 $43,134 
   Royalty revenue5,688 4,593 5,648 
   Co-brand marketing & integration4,075 4,181 4,726 
   Total rewards programs65,451 57,909 53,508 
    Membership240,804 231,440 195,251 
    Gift card programs14,885 15,290 13,427 
    E-commerce sales7,193 6,757 7,442 
Long-term:
    Rewards programs:
   Co-brand marketing & integration4,689 6,216 7,218 
      Total deferred revenue$333,022 $317,612 $276,846 
Current and long-term deferred revenue balances are included within accrued expenses and other current liabilities and other non-current liabilities, respectively, in the condensed consolidated balance sheets.
The following table summarizes the Company's revenue recognized during the period that was included in the opening deferred balance as of February 3, 2024 and January 28, 2023 (in thousands):
Twenty-six Weeks Ended
August 3, 2024July 29, 2023
Rewards programs:
Earned award dollars$49,135 34,676 
Royalty revenue4,593 17,877 
Co-brand marketing & integration1,632 6,665 
Total rewards programs55,360 59,218 
Membership169,139 141,173 
Gift card programs3,868 4,064 
E-commerce sales6,757 2,731 
Total revenue$235,124 $207,186 
Performance obligations related to earned award dollars, royalty revenue, and membership fees are typically satisfied over a period of twelve months or less. Funds received related to marketing and other integration costs in connection with our co-brand credit card program are recognized as performance obligations are satisfied. The timing and recognition of gift card redemptions varies depending on consumer behavior and spending patterns.
Disaggregation of Revenue
The Company’s club retail operations, which include retail club and other sales procured from our clubs and distribution centers, represent substantially all of its consolidated total revenues and are the Company’s only reportable segment.
Substantially all of the Company’s identifiable assets are located in the United States. The Company does not have significant sales outside the United States, nor does any customer represent more than 10% of total revenues for any period presented.
The following table summarizes the Company’s percentage of net sales disaggregated by category:
Thirteen Weeks EndedTwenty-six Weeks Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Grocery70 %70 %70 %71 %
General Merchandise and Services11 %11 %11 %10 %
Gasoline and Other19 %19 %19 %19 %
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Debt and Credit Arrangements
 6 Months Ended
Aug. 03, 2024
Debt Disclosure [Abstract]  
Debt and Credit Arrangements Debt and Credit Arrangements
The following table summarizes the Company’s debt (in thousands):
August 3, 2024February 3, 2024July 29, 2023
ABL Revolving Facility$217,000 $319,000 $411,000 
First Lien Term Loan400,000 400,000 450,000 
Unamortized original issue discount and debt issuance costs(1,414)(1,568)(1,865)
Less: Short-term debt(217,000)(319,000)(411,000)
Long-term debt$398,586 $398,432 $448,135 
ABL Revolving Facility
On July 28, 2022, the Company entered into the ABL Revolving Facility with an ABL Revolving Commitment of $1.2 billion pursuant to that certain credit agreement (the "Credit Agreement") with Bank of America, N.A., as administrative agent and collateral agent, and the other lenders party thereto. The maturity date of the ABL Revolving Facility is July 28, 2027.
Revolving loans under the ABL Revolving Facility are available in an aggregate amount equal to the lesser of the aggregate ABL Revolving Commitment or a borrowing base based on the value of certain inventory and accounts and credit card receivables, subject to specified advance rebates and reserves as set forth in the Credit Agreement. Indebtedness under the ABL Revolving Facility is secured by substantially all of the assets (other than real estate) of the Company and its subsidiaries, subject to customary exceptions. As amended, interest on the ABL Revolving Facility is calculated either at SOFR plus a range of 100 to 125 basis points or a base rate plus 0 to 25 basis points, based on excess availability. The Company will also pay an unused commitment fee of 20 basis points per annum on the unused ABL Revolving Commitment. Each borrowing is for a period of one, three, or six months, as selected by the Company, or for such other period that is twelve months or less requested by the Company and consented to by the lenders and administrative agent.
The ABL Revolving Facility places certain restrictions (i.e., covenants) upon the Borrower’s, and its subsidiaries’, ability to, among other things, incur additional indebtedness, pay dividends, and make certain loans, investments, and divestitures. The ABL Revolving Facility contains customary events of default (including payment defaults, cross-defaults to certain of our other indebtedness, breach of representations and covenants and change of control). The occurrence of an event of default under the ABL Revolving Facility would permit the lenders to accelerate the indebtedness and terminate the ABL Revolving Facility.
As of August 3, 2024, there was $217.0 million outstanding in loans under the ABL Revolving Facility and $15.9 million in outstanding letters of credit. The interest rate on the ABL Revolving Facility was 6.44% and unused capacity was $926.6 million. As of February 3, 2024 and July 29, 2023, the interest rate on the ABL Revolving Facility was 6.44% and 6.42%, respectively.
First Lien Term Loan
On October 12, 2023, the Company entered into an amendment (the “Fourth Amendment”) to the First Lien Term Loan Credit Agreement, with Nomura Corporate Funding Americas, LLC, as administrative agent and collateral agent and the
lenders party thereto. Deutsche Bank Securities Inc. acted as the left lead arranger and bookrunner, and Nomura Securities International, Inc., BofA Securities, Inc., and Wells Fargo Securities LLC acted as joint lead arrangers and joint bookrunners of the Fourth Amendment.
The Fourth Amendment, among other things, extended the maturity date with respect to the term loans outstanding under the First Lien Term Loan Credit Agreement from February 3, 2027 to February 3, 2029. In addition, the Fourth Amendment reduced applicable margin in respect of the interest rate from SOFR plus 275 basis points per annum to SOFR plus 200 basis points per annum.
Voluntary prepayments are permitted. Principal payments must be made on the First Lien Term Loan pursuant to an annual excess cash flow calculation when the net leverage ratio exceeds 3.50 to 1.00. As of August 3, 2024, the Company's net leverage ratio did not exceed 3.50 to 1.00, and therefore, no incremental principal payments were required. The First Lien Term Loan is subject to certain affirmative and negative covenants. It is secured on a senior basis by certain "fixed assets" of the Company and on a junior basis by certain "liquid" assets of the Company.
There was $400.0 million, $400.0 million, and $450.0 million outstanding under the First Lien Term Loan as of August 3, 2024, February 3, 2024, and July 29, 2023, respectively. The interest rate on the First Lien Term Loan was 7.33%, 7.33%, and 7.89% at August 3, 2024, February 3, 2024, and July 29, 2023, respectively.
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Aug. 03, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is involved in various legal proceedings that are typical of a retail business. In accordance with applicable accounting guidance, an accrual will be established for legal proceedings if and when those matters present loss contingencies that are both probable and estimable. The Company does not believe the resolution of any current proceedings will result in a material loss to the condensed consolidated financial statements.
v3.24.2.u1
Stock Incentive Plans
 6 Months Ended
Aug. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive Plans
On June 13, 2018, the Company’s board of directors adopted, and its stockholders approved, the BJ’s Wholesale Club Holdings, Inc. 2018 Incentive Award Plan (the "2018 Plan"). The 2018 Plan provides for the grant of stock options, restricted stock, dividend equivalents, stock payments, restricted stock units, performance shares, other incentive awards, stock appreciation rights, and cash awards.
The 2018 Plan authorizes the issuance of 13,148,058 shares. If an award under the 2018 Plan is forfeited, expires, or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration, or cash settlement, be used again for new grants under the 2018 Plan. Additionally, shares tendered or withheld to satisfy grant or exercise price, or tax withholding obligations associated with an award under the 2018 Plan will be added to the shares authorized for grant under the 2018 Plan. The following shares may not be used again for grant under the 2018 Plan: (1) shares subject to a stock appreciation right ("SAR") that are not issued in connection with the stock settlement of the SAR upon its exercise and (2) shares purchased on the open market with the cash proceeds from the exercise of options under the 2018 Plan. As of August 3, 2024, there were 4,517,210 shares available for future issuance under the 2018 Plan.
The following table summarizes the Company’s stock award activity during the twenty-six weeks ended August 3, 2024 (shares in thousands):
Stock OptionsRestricted StockRestricted Stock UnitsPerformance Stock
SharesWeighted-
Average
Exercise
Price		SharesWeighted-
Average
Grant
Date Fair
Value		SharesWeighted-
Average
Grant
Date Fair
Value
Shares(a)
Weighted-
Average
Grant
Date Fair
Value
Outstanding, February 3, 20241,655 $20.53 621 $67.35 22 $62.13 677 $58.84 
Granted (b)
— — — — 377 75.32 425 76.65 
Forfeited/canceled— — (17)72.76 (8)74.64 (10)71.07 
Exercised/vested(692)22.36 (306)61.68 (22)62.13 (458)44.31 
Outstanding, August 3, 2024963 $19.23 298 $72.86 369 $75.34 634 $69.42 
(a) Shares outstanding reflect a 100% payout, however, the actual payout for the remaining performance stock awards granted in fiscal year 2021 is expected to be 200%. Actual payout for the performance stock awards granted in each of fiscal year 2022 and 2023, which vest in fiscal year 2025 and 2026, respectively, could be below 100% or up to 200%. Actual payout for the performance stock awards granted in fiscal year 2024, which vest in fiscal year 2027, could be below 100% or up to 300%.
(b) Includes 229 incremental performance stock awards granted in fiscal year 2021 with a weighted-average grant date fair value of $44.31, that vested in fiscal year 2024 at greater than 100% of target payout based on performance.
Stock-based compensation expense was $10.3 million and $9.6 million for the thirteen weeks ended August 3, 2024 and July 29, 2023, respectively, and $18.9 million and $19.6 million for the twenty-six weeks ended August 3, 2024 and July 29, 2023, respectively.
On June 14, 2018, the Company’s board of directors adopted, and its stockholders approved, the ESPP, which became effective July 1, 2018. The aggregate number of shares of common stock reserved for issuance under the ESPP is equal to the sum of (i) 973,014 shares and (ii) an annual increase on the first day of each calendar year beginning in 2019 and ending in 2028 equal to the lesser of (A) 486,507 shares, (B) 0.5% of the shares outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (C) such smaller number of shares as determined by the Company's board of directors. The amount of expense recognized related to the ESPP was $0.3 million and $0.4 million for the thirteen weeks ended August 3, 2024 and July 29, 2023, respectively, and $0.8 million and $0.7 million for the twenty-six weeks ended August 3, 2024 and July 29, 2023, respectively. As of August 3, 2024, there were 2,834,406 shares available for issuance under the ESPP.
v3.24.2.u1
Treasury Shares and Share Repurchase Program
 6 Months Ended
Aug. 03, 2024
Equity [Abstract]  
Treasury Shares and Share Repurchase Program Treasury Shares and Share Repurchase Program
Treasury Shares Acquired on Restricted Stock and Performance Stock Awards
The Company acquired 545 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended August 3, 2024, which was recorded as an immaterial amount of treasury stock. The Company acquired 3,625 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended July 29, 2023, which was recorded as $0.3 million of treasury stock.
The Company acquired 357,996 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock and performance stock awards in the twenty-six weeks ended August 3, 2024, which was recorded as $26.7 million of treasury stock. The Company acquired 359,827 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock and performance stock awards in the twenty-six weeks ended July 29, 2023, which was recorded as $27.4 million of treasury stock.
Share Repurchase Program
On November 16, 2021, the Company's board of directors approved a share repurchase program (the "2021 Repurchase Program") that allows the Company to repurchase up to $500.0 million of its outstanding common stock from time to time as market conditions warrant. The 2021 Repurchase Program expires in January 2025. The Company initiated the 2021 Repurchase Program to mitigate potentially dilutive effects of stock awards granted by the Company, in addition to enhancing shareholder value.
The Company repurchased 451,982 shares for $40.8 million and 715,122 shares for $44.6 million during the thirteen weeks ended August 3, 2024 and July 29, 2023, respectively. The Company repurchased 857,092 shares for $71.0 million and 919,162 shares for $59.9 million during the twenty-six weeks ended August 3, 2024 and July 29, 2023, respectively. The Company accounts for treasury stock under the cost method based on the fair market value of the shares on the dates of repurchase plus any direct costs incurred.
As of August 3, 2024, $118.7 million remained available to purchase under the 2021 Repurchase Program.
v3.24.2.u1
Income Taxes
 6 Months Ended
Aug. 03, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company projects the estimated annual effective tax rate for fiscal year 2024 to be 28.0%, excluding the tax effect of discrete events, such as excess tax benefits from stock-based compensation, changes in tax legislation, settlements of tax audits and changes in uncertain tax positions, among others.
The Company’s effective income tax rate from continuing operations was 24.1% and 28.6% for the thirteen weeks ended August 3, 2024 and July 29, 2023, respectively. For the twenty-six weeks ended August 3, 2024 and July 29, 2023, the Company's effective tax rate from continuing operations was 24.2% and 30.5%, respectively. The decrease in income tax expense for both comparative periods is primarily driven by higher tax benefits from stock-based compensation in the current period.
The Company is subject to taxation in the U.S. federal and various state taxing jurisdictions. The Company’s tax years from 2019 forward remain open and subject to examination by the Internal Revenue Service and various state taxing authorities.
v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Aug. 03, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Certain assets and liabilities are required to be carried at fair value in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The Company uses a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable inputs other than quoted market prices included in Level 1 such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
Financial Assets and Liabilities
The fair value of the Company's long-term debt is estimated based on current market rates for our specific debt instrument. Judgment is required to develop these estimates. As such, the estimated fair value of long-term debt is classified within Level 2, as defined under U.S. GAAP.
The gross carrying amount and fair value of the Company’s debt at August 3, 2024 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$217,000 $217,000 
First Lien Term Loan400,000 401,624 
Total Debt$617,000 $618,624 
The gross carrying amount and fair value of the Company’s debt at February 3, 2024 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$319,000 $319,000 
First Lien Term Loan400,000 401,168 
Total Debt$719,000 $720,168 
The gross carrying amount and fair value of the Company’s debt at July 29, 2023 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$411,000 $411,000 
First Lien Term Loan450,000 450,311 
Total Debt$861,000 $861,311 
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company measures certain non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis.
The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, and accounts payable, approximate their fair values due to the short-term maturities of these instruments.
v3.24.2.u1
Earnings Per Share
 6 Months Ended
Aug. 03, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The table below reconciles basic weighted-average shares of common stock outstanding to diluted weighted-average shares of common stock outstanding for the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023 (in thousands):
Thirteen Weeks EndedTwenty-six Weeks Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Weighted-average shares of common stock outstanding, used for basic computation132,431 133,317 132,414 133,314 
Plus: Incremental shares of potentially dilutive securities1,418 1,812 1,566 2,201 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding133,849 135,129 133,980 135,515 
The table below summarizes awards that were excluded from the computation of diluted earnings for the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023, as their inclusion would have been anti-dilutive (in thousands):
Thirteen Weeks EndedTwenty-six Weeks Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Stock-based awards9315169208
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 03, 2024
May 04, 2024
Jul. 29, 2023
Apr. 29, 2023
Aug. 03, 2024
Jul. 29, 2023
Pay vs Performance Disclosure            
Net income $ 144,988 $ 111,019 $ 131,325 $ 116,077 $ 256,007 $ 247,402
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Aug. 03, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Aug. 03, 2024
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying interim financial statements of BJ’s Wholesale Club Holdings, Inc. are unaudited and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair statement of the Company’s financial statements in accordance with GAAP. 
The condensed consolidated balance sheet as of February 3, 2024 is derived from the audited consolidated balance sheet as of that date. The Company’s business, as is common with the business of retailers generally, is subject to seasonal influences. The Company’s sales and operating income have typically been highest in the fourth quarter holiday season and lowest in the first quarter of each fiscal year. 
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year 2023, as filed with the Securities and Exchange Commission on March 18, 2024.
Fiscal Year Fiscal YearThe Company follows the National Retail Federation’s fiscal calendar and reports financial information on a 52- or 53-week year ending on the Saturday closest to January 31. The thirteen-week periods ended August 3, 2024 and July 29, 2023 are referred to herein as the "second quarter of fiscal year 2024" and the "second quarter of fiscal year 2023," respectively. The twenty-six week periods ended August 3, 2024 and July 29, 2023 are referred to herein as the "twenty-six weeks ended August 3, 2024" and the "twenty-six weeks ended July 29, 2023," respectively. Operating results for the thirteen week and twenty-six week periods ended August 3, 2024 are not necessarily indicative of the results that may be expected for the 52-week fiscal year ending February 1, 2025.
Recent Accounting Pronouncements and Policies Recent Accounting Pronouncements and Policies
The Company’s accounting policies are set forth in the audited financial statements included in the Company’s Annual Report on Form 10-K for fiscal year 2023. There have been no material changes to these accounting policies and no accounting pronouncements adopted that had a material impact on the Company’s financial statements.
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 will require public companies to disclose, on an annual basis, a tabular reconciliation, using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory tax, further broken out by nature and/or jurisdiction. ASU 2023-09 requires all entities to disclose, on an annual basis, the amount of income taxes paid (net of refunds received), disaggregated between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact the adoption of this new pronouncement will have on its financial statement disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands the segment reporting disclosures and requires disclosure of segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment
profit or loss, amounts and description of its composition for other segment items, and interim disclosure of a reportable segment’s profit or loss and assets. Additionally, the amendments require the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance and deciding how to allocate resources. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new pronouncement will have on its financial statement disclosures.
v3.24.2.u1
Revenue Recognition (Tables)
 6 Months Ended
Aug. 03, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Deferred Revenue Related to Outstanding Performance Obligations and Revenue Recognized
The following table summarizes the Company's deferred revenue balance related to outstanding performance obligations for contracts with customers (in thousands):
August 3, 2024February 3, 2024July 29, 2023
Current:
   Rewards programs:
   Earned award dollars$55,688 $49,135 $43,134 
   Royalty revenue5,688 4,593 5,648 
   Co-brand marketing & integration4,075 4,181 4,726 
   Total rewards programs65,451 57,909 53,508 
    Membership240,804 231,440 195,251 
    Gift card programs14,885 15,290 13,427 
    E-commerce sales7,193 6,757 7,442 
Long-term:
    Rewards programs:
   Co-brand marketing & integration4,689 6,216 7,218 
      Total deferred revenue$333,022 $317,612 $276,846 
The following table summarizes the Company's revenue recognized during the period that was included in the opening deferred balance as of February 3, 2024 and January 28, 2023 (in thousands):
Twenty-six Weeks Ended
August 3, 2024July 29, 2023
Rewards programs:
Earned award dollars$49,135 34,676 
Royalty revenue4,593 17,877 
Co-brand marketing & integration1,632 6,665 
Total rewards programs55,360 59,218 
Membership169,139 141,173 
Gift card programs3,868 4,064 
E-commerce sales6,757 2,731 
Total revenue$235,124 $207,186 
Summary of Disaggregation of Revenue
The following table summarizes the Company’s percentage of net sales disaggregated by category:
Thirteen Weeks EndedTwenty-six Weeks Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Grocery70 %70 %70 %71 %
General Merchandise and Services11 %11 %11 %10 %
Gasoline and Other19 %19 %19 %19 %
v3.24.2.u1
Debt and Credit Arrangements (Tables)
 6 Months Ended
Aug. 03, 2024
Debt Disclosure [Abstract]  
Summary of Debt
The following table summarizes the Company’s debt (in thousands):
August 3, 2024February 3, 2024July 29, 2023
ABL Revolving Facility$217,000 $319,000 $411,000 
First Lien Term Loan400,000 400,000 450,000 
Unamortized original issue discount and debt issuance costs(1,414)(1,568)(1,865)
Less: Short-term debt(217,000)(319,000)(411,000)
Long-term debt$398,586 $398,432 $448,135 
v3.24.2.u1
Stock Incentive Plans (Tables)
 6 Months Ended
Aug. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Award Activity
The following table summarizes the Company’s stock award activity during the twenty-six weeks ended August 3, 2024 (shares in thousands):
Stock OptionsRestricted StockRestricted Stock UnitsPerformance Stock
SharesWeighted-
Average
Exercise
Price		SharesWeighted-
Average
Grant
Date Fair
Value		SharesWeighted-
Average
Grant
Date Fair
Value
Shares(a)
Weighted-
Average
Grant
Date Fair
Value
Outstanding, February 3, 20241,655 $20.53 621 $67.35 22 $62.13 677 $58.84 
Granted (b)
— — — — 377 75.32 425 76.65 
Forfeited/canceled— — (17)72.76 (8)74.64 (10)71.07 
Exercised/vested(692)22.36 (306)61.68 (22)62.13 (458)44.31 
Outstanding, August 3, 2024963 $19.23 298 $72.86 369 $75.34 634 $69.42 
(a) Shares outstanding reflect a 100% payout, however, the actual payout for the remaining performance stock awards granted in fiscal year 2021 is expected to be 200%. Actual payout for the performance stock awards granted in each of fiscal year 2022 and 2023, which vest in fiscal year 2025 and 2026, respectively, could be below 100% or up to 200%. Actual payout for the performance stock awards granted in fiscal year 2024, which vest in fiscal year 2027, could be below 100% or up to 300%.
(b) Includes 229 incremental performance stock awards granted in fiscal year 2021 with a weighted-average grant date fair value of $44.31, that vested in fiscal year 2024 at greater than 100% of target payout based on performance.
v3.24.2.u1
Fair Value Measurements (Tables)
 6 Months Ended
Aug. 03, 2024
Fair Value Disclosures [Abstract]  
Summary of Gross Carrying Amount and Fair Value of Debt
The gross carrying amount and fair value of the Company’s debt at August 3, 2024 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$217,000 $217,000 
First Lien Term Loan400,000 401,624 
Total Debt$617,000 $618,624 
The gross carrying amount and fair value of the Company’s debt at February 3, 2024 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$319,000 $319,000 
First Lien Term Loan400,000 401,168 
Total Debt$719,000 $720,168 
The gross carrying amount and fair value of the Company’s debt at July 29, 2023 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$411,000 $411,000 
First Lien Term Loan450,000 450,311 
Total Debt$861,000 $861,311 
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Aug. 03, 2024
Earnings Per Share [Abstract]  
Summary of Basic and Diluted Weighted-average Shares of Common Stock Outstanding
The table below reconciles basic weighted-average shares of common stock outstanding to diluted weighted-average shares of common stock outstanding for the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023 (in thousands):
Thirteen Weeks EndedTwenty-six Weeks Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Weighted-average shares of common stock outstanding, used for basic computation132,431 133,317 132,414 133,314 
Plus: Incremental shares of potentially dilutive securities1,418 1,812 1,566 2,201 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding133,849 135,129 133,980 135,515 
Summary of Anti-dilutive Restricted Shares and Stock Options
The table below summarizes awards that were excluded from the computation of diluted earnings for the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023, as their inclusion would have been anti-dilutive (in thousands):
Thirteen Weeks EndedTwenty-six Weeks Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Stock-based awards9315169208
v3.24.2.u1
Description of Business (Details)
Aug. 03, 2024
gas_station
warehouse_club
state
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of stores | warehouse_club 244
Number of gas stations | gas_station 178
Number of states in which entity operates | state 20
v3.24.2.u1
Revenue Recognition - Narrative (Details)
 3 Months Ended 6 Months Ended 13 Months Ended
Apr. 29, 2023
USD ($)
$ / gal
Aug. 03, 2024
$ / gal
Feb. 28, 2023
USD ($)
$ / gal
Membership      
Revenue, Major Customer [Line Items]      
Percentage of cash back earned 2.00%   2.00%
Maximum annual cash back amount | $ $ 500   $ 500
Discount on gasoline (in USD per gallon) | $ / gal 0.05    
Cash back in the form of electronic awards issued | $ $ 10   $ 10
Cash back, expiration period     6 months
Membership fee term   12 months  
Credit card program      
Revenue, Major Customer [Line Items]      
Percentage of cash back earned   5.00%  
Discount on gasoline (in USD per gallon) | $ / gal   0.15 0.10
Percentage of cash back earned, eligible purchases     5.00%
Percentage of cash back earned, outside purchases     2.00%
v3.24.2.u1
Revenue Recognition - Deferred Revenue Relating to Outstanding Performance Obligations (Details) - USD ($)
$ in Thousands
Aug. 03, 2024
Feb. 03, 2024
Jul. 29, 2023
Disaggregation of Revenue [Line Items]      
Deferred revenue $ 333,022 $ 317,612 $ 276,846
Rewards programs:      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 65,451 57,909 53,508
Earned award dollars      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 55,688 49,135 43,134
Royalty revenue      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 5,688 4,593 5,648
Co-brand marketing & integration      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 4,075 4,181 4,726
Deferred revenue, non-current 4,689 6,216 7,218
Membership      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 240,804 231,440 195,251
Gift card programs      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 14,885 15,290 13,427
E-commerce sales      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current $ 7,193 $ 6,757 $ 7,442
v3.24.2.u1
Revenue Recognition - Revenue Recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended
Aug. 03, 2024
Jul. 29, 2023
Disaggregation of Revenue [Line Items]    
Total revenue $ 235,124 $ 207,186
Rewards programs:    
Disaggregation of Revenue [Line Items]    
Total revenue 55,360 59,218
Earned award dollars    
Disaggregation of Revenue [Line Items]    
Total revenue 49,135 34,676
Royalty revenue    
Disaggregation of Revenue [Line Items]    
Total revenue 4,593 17,877
Co-brand marketing & integration    
Disaggregation of Revenue [Line Items]    
Total revenue 1,632 6,665
Membership    
Disaggregation of Revenue [Line Items]    
Total revenue 169,139 141,173
Gift card programs    
Disaggregation of Revenue [Line Items]    
Total revenue 3,868 4,064
E-commerce sales    
Disaggregation of Revenue [Line Items]    
Total revenue $ 6,757 $ 2,731
v3.24.2.u1
Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details)
 3 Months Ended 6 Months Ended
Aug. 03, 2024
Jul. 29, 2023
Aug. 03, 2024
Jul. 29, 2023
Grocery        
Disaggregation of Revenue [Line Items]        
Net sales percentage 70.00% 70.00% 70.00% 71.00%
General Merchandise and Services        
Disaggregation of Revenue [Line Items]        
Net sales percentage 11.00% 11.00% 11.00% 10.00%
Gasoline and Other        
Disaggregation of Revenue [Line Items]        
Net sales percentage 19.00% 19.00% 19.00% 19.00%
v3.24.2.u1
Debt and Credit Arrangements - Debt Components (Details) - USD ($)
$ in Thousands
Aug. 03, 2024
Feb. 03, 2024
Jul. 29, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying amount $ 617,000 $ 719,000 $ 861,000
Unamortized original issue discount and debt issuance costs (1,414) (1,568) (1,865)
Less: Short-term debt (217,000) (319,000) (411,000)
Long-term debt 398,586 398,432 448,135
ABL Revolving Facility      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying amount 217,000 319,000 411,000
First Lien Term Loan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying amount $ 400,000 $ 400,000 $ 450,000
v3.24.2.u1
Debt and Credit Arrangements - Narrative (Details)
$ in Thousands
Oct. 12, 2023
Oct. 11, 2023
Jul. 28, 2022
USD ($)
Aug. 03, 2024
USD ($)
Feb. 03, 2024
USD ($)
Jul. 29, 2023
USD ($)
Debt Instrument [Line Items]            
Carrying Amount       $ 617,000 $ 719,000 $ 861,000
ABL Revolving Facility            
Debt Instrument [Line Items]            
Carrying Amount       217,000 319,000 411,000
First Lien Term Loan            
Debt Instrument [Line Items]            
Carrying Amount       400,000 $ 400,000 $ 450,000
Revolving Credit Facility | ABL Revolving Facility            
Debt Instrument [Line Items]            
Maximum borrowing capacity     $ 1,200,000      
Commitment fee percentage     0.20%      
Carrying Amount       $ 217,000    
Interest rate at end of period       6.44% 6.44% 6.42%
Unused capacity       $ 926,600    
Revolving Credit Facility | ABL Revolving Facility | Term One            
Debt Instrument [Line Items]            
Term of borrowing     1 month      
Revolving Credit Facility | ABL Revolving Facility | Term Two            
Debt Instrument [Line Items]            
Term of borrowing     3 months      
Revolving Credit Facility | ABL Revolving Facility | Term Three            
Debt Instrument [Line Items]            
Term of borrowing     6 months      
Revolving Credit Facility | ABL Revolving Facility | Term Four            
Debt Instrument [Line Items]            
Term of borrowing     12 months      
Revolving Credit Facility | ABL Revolving Facility | Minimum | SOFR            
Debt Instrument [Line Items]            
Basis spread on variable rate     1.00%      
Revolving Credit Facility | ABL Revolving Facility | Minimum | Base Rate            
Debt Instrument [Line Items]            
Basis spread on variable rate     0.00%      
Revolving Credit Facility | ABL Revolving Facility | Maximum | SOFR            
Debt Instrument [Line Items]            
Basis spread on variable rate     1.25%      
Revolving Credit Facility | ABL Revolving Facility | Maximum | Base Rate            
Debt Instrument [Line Items]            
Basis spread on variable rate     0.25%      
Letter of Credit | ABL Revolving Facility            
Debt Instrument [Line Items]            
Carrying Amount       15,900    
Term Loan | First Lien Term Loan | Line of Credit            
Debt Instrument [Line Items]            
Carrying Amount       $ 400,000 $ 400,000 $ 450,000
Net leverage ratio 3.50          
Net leverage ratio, actual (did not exceed)       3.50    
Effective interest rate       7.33% 7.33% 7.89%
Term Loan | First Lien Term Loan | SOFR | Line of Credit            
Debt Instrument [Line Items]            
Basis spread on variable rate 2.00% 2.75%        
v3.24.2.u1
Stock Incentive Plans - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 03, 2024
Jul. 29, 2023
Aug. 03, 2024
Jul. 29, 2023
Jun. 14, 2018
Jun. 13, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock-based compensation expense $ 10.3 $ 9.6 $ 18.9 $ 19.6    
The 2018 Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Shares authorized for issuance (in shares)           13,148,058
Shares available for future issuance (in shares) 4,517,210   4,517,210      
Employee Stock Purchase Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock-based compensation expense $ 0.3 $ 0.4 $ 0.8 $ 0.7    
Shares reserved for issuance, base (in shares)         973,014  
Shares reserved for issuance, annual increase (in shares)         486,507  
Shares reserved for issuance, annual increase percentage         0.50%  
Shares reserved for issuance (in shares) 2,834,406   2,834,406      
v3.24.2.u1
Stock Incentive Plans - Stock Award Activity (Details)
shares in Thousands
 6 Months Ended
Aug. 03, 2024
$ / shares
shares
Stock Options  
Shares  
Outstanding (in shares) | shares 1,655
Granted (in shares) | shares 0
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares (692)
Outstanding (in shares) | shares 963
Weighted- Average Exercise Price  
Outstanding (in USD per share) | $ / shares $ 20.53
Granted (in USD per share) | $ / shares 0
Forfeited/canceled (in USD per share) | $ / shares 0
Exercised/vested (in USD per share) | $ / shares 22.36
Outstanding (in USD per share) | $ / shares $ 19.23
Restricted Stock  
Shares  
Outstanding (in shares) | shares 621
Granted (in shares) | shares 0
Forfeited/canceled (in shares) | shares (17)
Exercised/vested (in shares) | shares (306)
Outstanding (in shares) | shares 298
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 67.35
Granted (in USD per share) | $ / shares 0
Forfeited/canceled (in USD per share) | $ / shares 72.76
Exercised/vested (in USD per share) | $ / shares 61.68
Outstanding (in USD per share) | $ / shares $ 72.86
Restricted Stock Units  
Shares  
Outstanding (in shares) | shares 22
Granted (in shares) | shares 377
Forfeited/canceled (in shares) | shares (8)
Exercised/vested (in shares) | shares (22)
Outstanding (in shares) | shares 369
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 62.13
Granted (in USD per share) | $ / shares 75.32
Forfeited/canceled (in USD per share) | $ / shares 74.64
Exercised/vested (in USD per share) | $ / shares 62.13
Outstanding (in USD per share) | $ / shares $ 75.34
Performance Stock  
Shares  
Outstanding (in shares) | shares 677
Granted (in shares) | shares 425
Forfeited/canceled (in shares) | shares (10)
Exercised/vested (in shares) | shares (458)
Outstanding (in shares) | shares 634
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 58.84
Granted (in USD per share) | $ / shares 76.65
Forfeited/canceled (in USD per share) | $ / shares 71.07
Exercised/vested (in USD per share) | $ / shares 44.31
Outstanding (in USD per share) | $ / shares $ 69.42
Estimated payout (as a percent) 100.00%
Performance Stock | Granted in 2021  
Weighted- Average Grant Date Fair Value  
Actual payout (as a percent) 200.00%
Performance Stock | Minimum | Granted In 2022 and 2023  
Weighted- Average Grant Date Fair Value  
Actual payout (as a percent) 100.00%
Performance Stock | Minimum | Granted in 2024  
Weighted- Average Grant Date Fair Value  
Actual payout (as a percent) 100.00%
Performance Stock | Maximum | Granted In 2022 and 2023  
Weighted- Average Grant Date Fair Value  
Actual payout (as a percent) 200.00%
Performance Stock | Maximum | Granted in 2024  
Weighted- Average Grant Date Fair Value  
Actual payout (as a percent) 300.00%
Performance Stock, Vested at Greater than 100% of Target  
Shares  
Granted (in shares) | shares 229
Weighted- Average Grant Date Fair Value  
Granted (in USD per share) | $ / shares $ 44.31
Performance target (greater than) 100.00%
v3.24.2.u1
Treasury Shares and Share Repurchase Program (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 03, 2024
May 04, 2024
Jul. 29, 2023
Apr. 29, 2023
Aug. 03, 2024
Jul. 29, 2023
Nov. 16, 2021
Equity, Class of Treasury Stock [Line Items]              
Shares reacquired to satisfy tax withholding obligations (in shares) 545   3,625   357,996 359,827  
Shares reacquired to satisfy tax withholding obligations $ 0   $ 300   $ 26,700 $ 27,400  
Shares repurchased $ 40,846 $ 56,905 $ 44,902 $ 42,369      
2021 Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Share repurchase program, amount authorized             $ 500,000
Shares repurchased (in shares) 451,982   715,122   857,092 919,162  
Shares repurchased $ 40,800   $ 44,600   $ 71,000 $ 59,900  
Share repurchase program, amount remaining available $ 118,700       $ 118,700    
v3.24.2.u1
Income Taxes (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 03, 2024
Jul. 29, 2023
Aug. 03, 2024
Jul. 29, 2023
Feb. 01, 2025
Income Tax Contingency [Line Items]          
Effective tax rate 24.10% 28.60% 24.20% 30.50%  
Forecast          
Income Tax Contingency [Line Items]          
Effective tax rate         28.00%
v3.24.2.u1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Aug. 03, 2024
Feb. 03, 2024
Jul. 29, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 617,000 $ 719,000 $ 861,000
Fair Value 618,624 720,168 861,311
ABL Revolving Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 217,000 319,000 411,000
Fair Value 217,000 319,000 411,000
First Lien Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 400,000 400,000 450,000
Fair Value $ 401,624 $ 401,168 $ 450,311
v3.24.2.u1
Earnings Per Share - Basic and Diluted Weighted-Average Shares of Common Stock Outstanding (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Aug. 03, 2024
Jul. 29, 2023
Aug. 03, 2024
Jul. 29, 2023
Earnings Per Share [Abstract]        
Weighted-average shares of common stock outstanding, used for basic computation (in shares) 132,431 133,317 132,414 133,314
Plus: Incremental shares of potentially dilutive securities        
Plus: Incremental shares of potentially dilutive securities (in shares) 1,418 1,812 1,566 2,201
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding (in shares) 133,849 135,129 133,980 135,515
v3.24.2.u1
Earnings Per Share - Anti-Dilutive Restricted Shares and Stock Options (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Aug. 03, 2024
Jul. 29, 2023
Aug. 03, 2024
Jul. 29, 2023
Stock-based awards        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Antidilutive securities excluded from computation of diluted earnings per share (in shares) 9 315 169 208