BJ'S WHOLESALE CLUB HOLDINGS, INC., 10-Q filed on 5/28/2021
Quarterly Report
v3.21.1
Document And Entity Information - shares
3 Months Ended
May 01, 2021
May 21, 2021
Document Information [Line Items]    
Entity Central Index Key 0001531152  
Entity Registrant Name BJ's Wholesale Club Holdings, Inc.  
Amendment Flag false  
Current Fiscal Year End Date --01-29  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2021  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 01, 2021  
Document Transition Report false  
Entity File Number 001-38559  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2936287  
Entity Address, Address Line One 25 Research Drive  
Entity Address, City or Town Westborough  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 01581  
City Area Code 774  
Local Phone Number 512-7400  
Title of 12(b) Security Common Stock, par value $0.01  
Trading Symbol BJ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   137,133,779
v3.21.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
May 01, 2021
Jan. 30, 2021
May 02, 2020
Current assets:      
Cash and cash equivalents $ 62,954 $ 43,518 $ 132,915
Accounts receivable, net 197,991 172,719 193,884
Merchandise inventories 1,120,334 1,205,695 1,024,937
Prepaid expenses and other current assets 54,258 48,649 46,631
Total current assets 1,435,537 1,470,581 1,398,367
Operating lease right-of-use assets, net 2,119,629 2,058,763 2,087,902
Property and equipment:      
Land and buildings 397,254 385,572 383,915
Leasehold costs and improvements 250,392 249,073 215,878
Furniture, fixtures and equipment 1,336,576 1,298,440 1,170,139
Construction in progress 31,283 23,633 37,781
Property, Plant and Equipment, Gross, Ending Balance 2,015,505 1,956,718 1,807,713
Less: accumulated depreciation and amortization (1,200,202) (1,158,929) (1,054,416)
Total property and equipment, net 815,303 797,789 753,297
Goodwill 924,134 924,134 924,134
Intangibles, net 132,502 135,123 144,019
Deferred income taxes 3,349 5,737 0
Other assets 18,752 19,403 20,350
Total assets 5,449,206 5,411,530 5,328,069
Current liabilities:      
Current portion of long-term debt 210,000 260,000 15,377
Current portion of operating lease liabilities 132,869 131,513 125,976
Accounts payable 1,023,140 988,074 990,420
Accrued expenses and other current liabilities 669,924 651,625 588,431
Total current liabilities 2,035,933 2,031,212 1,720,204
Long-term operating lease liabilities 2,050,950 1,988,840 2,016,206
Long-term debt 747,311 846,175 1,334,795
Deferred income taxes 45,529 45,096 42,369
Other non-current liabilities 155,959 180,880 181,998
Commitments and Contingencies (see Note 6)
STOCKHOLDERS’ EQUITY      
Preferred stock; par value $0.01; 5,000 shares authorized, and no shares issued or outstanding 0 0 0
Common stock, par value $0.01; 300,000 shares authorized, 144,018 shares issued and 137,240 outstanding at May 1, 2021; 143,428 shares issued and 137,192 outstanding at January 30, 2021; and 142,349 shares issued and 138,666 outstanding at May 2, 2020 1,440 1,434 1,423
Additional paid-in capital 855,168 826,377 784,724
Accumulated deficit (213,760) (295,339) (620,635)
Accumulated other comprehensive loss (12,676) (20,528) (40,528)
Treasury stock, at cost, 6,778 shares at May 1, 2021; 6,236 shares at January 30, 2021; 3,683 shares at May 2, 2020 (216,648) (192,617) (92,487)
Total stockholders’ equity 413,524 319,327 32,497
Total liabilities and stockholders’ equity $ 5,449,206 $ 5,411,530 $ 5,328,069
v3.21.1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
shares in Thousands
May 01, 2021
Jan. 30, 2021
May 02, 2020
Preferred stock, par value (in dollars 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
Preferred stock, outstanding (in shares) 0 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, authorized (in shares) 300,000 300,000 300,000
Common stock, issued (in shares) 144,018 143,428 142,349
Common stock, outstanding (in shares) 137,240 137,192 138,666
Treasury stock, shares (in shares) 6,778 6,236 3,683
v3.21.1
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
May 01, 2021
May 02, 2020
Total revenues $ 3,868,222 $ 3,797,605
Cost of sales 3,141,497 3,060,893
Selling, general and administrative expenses 599,910 590,361
Pre-opening expense 561 2,601
Operating income 126,254 143,750
Interest expense, net 19,285 21,844
Income from continuing operations before income taxes 106,969 121,906
Provision for income taxes 25,383 26,164
Income from continuing operations 81,586 95,742
Loss from discontinued operations, net of income taxes (7) (8)
Net income $ 81,579 $ 95,734
Income per share attributable to common stockholders—basic:    
Income from continuing operations, basic (in dollars per share) $ 0.60 $ 0.70
Loss from discontinued operations, basic (in dollars per share) 0 0
Net income, basic (in dollars per share) 0.60 0.70
Income per share attributable to common stockholders—diluted:    
Income from continuing operations, diluted (in dollars per share) 0.59 0.69
Loss from discontinued operations, diluted (in dollars per share) 0 0
Net income, diluted (in dollars per share) $ 0.59 $ 0.69
Weighted average number of common shares outstanding:    
Basic (in shares) 135,708,783 136,089,960
Diluted (in shares) 138,661,964 138,427,740
Other comprehensive income (loss):    
Amounts reclassified from other comprehensive income (loss), net of tax $ 4,665 $ 0
Unrealized gain (loss) on cash flow hedge, net of income tax provision of $1,240 and income tax benefit of $5,421, respectively 3,187 (13,942)
Total other comprehensive income (loss) 7,852 (13,942)
Total comprehensive income 89,431 81,792
Product [Member]    
Total revenues 3,781,834 3,718,040
Membership [Member]    
Total revenues $ 86,388 $ 79,565
v3.21.1
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
3 Months Ended
May 01, 2021
May 02, 2020
Unrealized gain (loss) on cash flow hedge, tax $ 1,240 $ 5,421
v3.21.1
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Treasury Stock [Member]
Total
Balance (in shares) at Feb. 01, 2020 140,723       (3,425)  
Balance at Feb. 01, 2020 $ 1,407 $ 773,618 $ (716,369) $ (26,586) $ (86,414) $ (54,344)
Net income 0 0 95,734 0 0 95,734
Amounts reclassified from other comprehensive income (loss), net of tax           0
Unrealized gain (loss) on cash flow hedge, net of income tax provision of $1,240 and income tax benefit of $5,421, respectively $ 0 0 0 (13,942) $ 0 (13,942)
Common stock issued under stock incentive plans (in shares) 1,626       0  
Common stock issued under stock incentive plans $ 16 (16) 0 0 $ 0 0
Stock compensation expense 0 5,514 0 0 0 5,514
Net cash received on option exercises $ 0 5,608 0 0 $ 0 5,608
Treasury stock purchases (in shares) 0       (258)  
Treasury stock purchases $ 0 0 0 0 $ (6,073) (6,073)
Balance (in shares) at May. 02, 2020 142,349       (3,683)  
Balance at May. 02, 2020 $ 1,423 784,724 (620,635) (40,528) $ (92,487) 32,497
Balance (in shares) at Jan. 30, 2021 143,428       (6,236)  
Balance at Jan. 30, 2021 $ 1,434 826,377 (295,339) (20,528) $ (192,617) 319,327
Net income 0 0 81,579 0 0 81,579
Amounts reclassified from other comprehensive income (loss), net of tax 0 0 0 4,665 0 4,665
Unrealized gain (loss) on cash flow hedge, net of income tax provision of $1,240 and income tax benefit of $5,421, respectively $ 0 0 0 3,187 $ 0 3,187
Common stock issued under stock incentive plans (in shares) 590       0  
Common stock issued under stock incentive plans $ 6 (6) 0 0 $ 0 0
Stock compensation expense 0 27,300 0 0 0 27,300
Net cash received on option exercises $ 0 1,497 0 0 $ 0 1,497
Treasury stock purchases (in shares) 0       (542)  
Treasury stock purchases $ 0 0 0 0 $ (24,031) (24,031)
Balance (in shares) at May. 01, 2021 144,018       (6,778)  
Balance at May. 01, 2021 $ 1,440 $ 855,168 $ (213,760) $ (12,676) $ (216,648) $ 413,524
v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
May 01, 2021
May 02, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 81,579 $ 95,734
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 44,386 40,839
Amortization of debt issuance costs and accretion of original issue discount 891 1,197
Debt extinguishment charges 657 0
Stock-based compensation expense 27,300 5,514
Deferred income tax provision (benefit) (233) 1,590
Changes in operating leases and other non-cash items 1,200 2,637
Increase (decrease) in cash due to changes in:    
Accounts receivable (25,272) 12,469
Merchandise inventories 85,361 56,565
Prepaid expenses and other current assets (2,180) (200)
Other assets 1,302 (1,389)
Accounts payable 35,066 204,008
Accrued expenses 13,127 40,983
Other non-current liabilities (14,219) 9,955
Net cash provided by operating activities 248,965 469,902
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property and equipment, net of disposals (74,690) (35,212)
Proceeds from sale leaseback transaction 16,630 0
Net cash used in investing activities (58,060) (35,212)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on long term debt (100,000) (3,297)
Proceeds from ABL Facility 0 736,000
Payments on ABL Facility (50,000) (1,064,000)
Net cash received from stock option exercises 1,497 5,608
Acquisition of treasury stock (24,031) (6,073)
Proceeds from financing obligations 1,333 0
Other financing activities (268) (217)
Net cash used in financing activities (171,469) (331,979)
Net increase in cash and cash equivalents 19,436 102,711
Cash and cash equivalents at beginning of period 43,518 30,204
Cash and cash equivalents at end of period 62,954 132,915
Supplemental cash flow information:    
Interest paid 12,021 18,418
Income taxes paid 5,668 3,872
Non-cash financing and investing activities:    
Lease liabilities arising from obtaining right-of-use assets 101,222 65,893
Property additions included in accrued expenses $ 13,515 $ 21,734
v3.21.1
Note 1 - Description of Business
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]

1. Description of Business

 

BJ’s Wholesale Club Holdings, Inc. and its wholly-owned subsidiaries is a leading warehouse club operator primarily on the east coast of the United States. As of May 1, 2021, the Company operated 221 warehouse clubs and 151 gas stations in 17 states.

 

The Company follows, and reports based on the National Retail Federation’s fiscal calendar. The thirteen week periods ended  May 1, 2021 and May 2, 2020 are referred to as the "first quarter of fiscal year 2021" and the "first quarter of fiscal year 2020," respectively.

 

The novel coronavirus ("COVID-19") pandemic has severely impacted the economies of the U.S. and other countries around the world. In the preparation of these financial statements and related disclosures we have assessed the impact that COVID-19 has had on our estimates, assumptions and accounting policies and made additional disclosures, as necessary.

 

v3.21.1
Note 2 - Summary of Significant Accounting Policies
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

2. Summary of Significant Accounting Policies

 

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 generally accepted accounting principles in the United States of America ("GAAP").

 

The consolidated balance sheet as of  January 30, 2021 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the first quarter of fiscal year 2021 are not necessarily indicative of future results or results to be expected for fiscal year 2021. The Company’s business, in 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 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 2020, as filed with the Securities and Exchange Commission on March 19, 2021.

 

Recently Adopted Accounting Pronouncements

 

The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2020. There have been no material changes to these accounting policies, except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2021.

 

Income Taxes (ASU 2019-12)

 

In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard as of January 31, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

 

v3.21.1
Note 3 - Revenue Recognition
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

3. Revenue Recognition

 

Performance Obligations

 

The Company identifies each distinct performance obligation to transfer goods (or bundle of goods) or services. The Company recognizes revenue as it satisfies a performance obligation by transferring control of the goods or services to the customer.

 

Net sales—The Company recognizes net sales at clubs and gas stations when the customer takes possession of the goods and tenders payment. Point of sale transactions at the Company’s clubs and gas stations, excluding sales taxes, represented approximately 93% of the Company’s net sales and approximately 91% of the Company’s total revenues for the thirteen weeks ended May 1, 2021. Sales taxes are recorded as a liability at the point of sale. Revenue is recorded at the point of sale based on the transaction price on the shelf sign, net of any applicable discounts, sales taxes 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 shipping point.

 

BJ’s Perks Rewards and My BJ's Perks programs—The Company’s BJ’s Perks Rewards® membership program allows 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 offers a co-branded credit card program, the My BJ’s Perks® program, which allows My BJ's Perks® Mastercard credit card holders to earn up to 5% cash back on eligible purchases made at BJ’s and up to 2% cash back on purchases made with the card outside of BJ’s. Cash back has been in the form of electronic awards issued in $10 increments that may be used online or in-club at the register and expire six months from the date issued. 

 

Earned awards may be redeemed on future purchases made at the Company. The Company recognizes revenue for earned awards when customers redeem such awards as part of a purchase at one of the Company’s clubs or the Company’s website. 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. This liability was $24.8 million at May 1, 2021, $25.5 million at January 30, 2021 and $28.6 million at May 2, 2020.

 

Royalty revenue received in connection with the My BJ's Perks co-brand credit card program is variable consideration and is considered deferred until the card holder makes a purchase. The Company’s total deferred royalty revenue related to the outstanding My BJ’s Perks Rewards was $18.0 million, $13.5 million and $14.8 million at May 1, 2021, January 30, 2021 and May 2, 2020, respectively. The timing of revenue recognition of these awards dollars is driven by actual customer activities, such as redemptions and expirations. As of May 1, 2021, the Company expects to recognize $12.8 million of the deferred revenue in fiscal year 2021 and expects the remainder to be recognized in the years thereafter.

 

Membership—The Company charges a membership fee to its customers. That fee 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. Because 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. The Company’s deferred revenue related to membership fees was $167.8 million, $155.6 million and $157.6 million at May 1, 2021, January 30, 2021 and May 2, 2020, respectively.

 

Gift Card Program—The Company sells BJ’s gift cards in both physical and digital format, which allow customers to redeem the card for future purchases equal to the amount of the original purchase price of the gift card. Revenue from gift card sales is recognized in proportion to its rate of gift card redemptions because the Company’s performance obligation to redeem the gift card for merchandise is satisfied when the gift card is redeemed. The Company also recognizes breakage in proportion to its rate of gift card redemptions. Deferred revenue related to gift cards was $9.6 million, $10.3 million and $9.8 million at May 1, 2021, January 30, 2021 and May 2, 2020, respectively. The Company recognized $8.8 million and $10.2 million of revenue from gift card redemptions in the first quarter of fiscal year 2021 and first quarter of fiscal year 2020, respectively.

 

Disaggregation of Revenue

 

The Company’s club retail operations, which represent substantially all of its consolidated total revenues, are the Company’s only reportable segment. All the Company’s identifiable assets are 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 Ended

 
  

May 1, 2021

  

May 2, 2020

 

Grocery

  72%  81%

General Merchandise & Services

  15%  11%

Gasoline and Other

  13%  8%

 

v3.21.1
Note 4 - Debt and Credit Arrangements
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

4. Debt and Credit Arrangements

 

The following table summarizes the Company's debt (in thousands):

 

  

May 1, 2021

  

January 30, 2021

  

May 2, 2020

 

ABL Facility

 $260,000  $310,000  $50,000 

First Lien Term Loan

  701,920   801,920   1,311,919 

Unamortized debt discount and debt issuance cost

  (4,609)  (5,745)  (11,747)

Less: current portion

  (210,000)  (260,000)  (15,377)

Long-term debt

 $747,311  $846,175  $1,334,795 

 

ABL Facility

 

The ABL Facility is comprised of a $950.0 million revolving credit facility and a $50.0 million term loan. The ABL Facility is secured on a senior basis by certain "liquid assets" of the Company and secured on a junior basis by certain "fixed assets" of the Company. The $50.0 million term loan payment terms are restricted in that the term loan cannot be repaid unless all loans outstanding under the revolving credit facility are repaid, and once repaid, cannot be re-borrowed. The availability under the $950.0 million revolving credit facility is restricted based on eligible monthly merchandise inventories and receivables, as defined in the agreement governing the ABL Facility (the "ABL Facility Agreement"). As amended, interest on the revolving credit facility is calculated either at LIBOR plus a range of 125 to 175 basis points or a base rate plus a range of 25 to 75 basis points; and interest on the term loan is calculated at LIBOR plus a range of 200 to 250 basis points or a base rate plus a range of 100 to 150 basis points, in all cases based on excess availability. The applicable spread of LIBOR and base rate loans at all levels of excess availability steps down by 12.5 basis points upon achieving total net leverage of 3.00 to 1.00. The ABL Facility also provides a sub-facility for issuances of letters of credit subject to certain fees defined in the ABL Facility Agreement. The ABL Facility is subject to various commitment fees during the term of the facility based on utilization of the revolving credit facility, which is scheduled to mature on August 17, 2023. On April 30, 2021, the Company used $50.0 million of cash and cash equivalents to pay down amounts outstanding on the ABL Facility.

 

At May 1, 2021, there was $ 260.0 million outstanding in loans under the ABL Facility and $15.5 million in outstanding letters of credit. As of May 1, 2021, the interest rate on the revolving credit facility was 1.24%, the interest rate of the term loan loan was 2.11% and unused capacity was $650.4 million.

 

At January 30, 2021, there was $310.0 million outstanding in loans under the ABL Facility and $15.0 million in outstanding letters of credit. The ABL Facility Agreement provides for a stepdown in the interest rate upon the achievement of certain debt ratings upgrades, which were achieved in July 2020. As of January 30, 2021, the interest rate on the revolving credit facility was 1.25%, the interest rate of the term loan loan was 2.14% and unused capacity was $641.1 million.

 

At May 2, 2020, there was $50.0 million outstanding in loans under the ABL Facility and $22.1 million in outstanding letters of credit. As of May 2, 2020, the interest rate on the revolving credit facility was 1.45%, the interest rate of the term loan loan was 2.98% and unused capacity was $770.6 million.

 

First Lien Term Loan

 

The Company's First Lien Term Loan matures on February 3, 2024. 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. The First Lien Term Loan is subject to certain affirmative and negative covenants but no financial 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. 

 

On January 29, 2020, the Company amended its First Lien Term Loan to reduce the applicable interest rates. As amended, the First Lien Term Loan had an initial principal amount of $1,315.2 million and interest is calculated either at LIBOR plus 225 basis points or a base rate plus 125 basis points, and provided for a 25 basis point step down in the interest rate upon the achievement of certain debt ratings upgrades. Total fees associated with the refinancing were approximately $1.7 million. The Company expensed $0.1 million of previously capitalized debt issuance costs and original issue discount and expensed $1.7 million of new third-party fees.

 

On July 13, 2020, the Company paid $150.0 million of the principal amount due on the First Lien Term Loan. In connection with the payment, the Company expensed $1.3 million of previously capitalized deferred debt issuance costs and original issue discount. On  July 29, 2020, upon the achievement of certain credit ratings upgrades, the base rate was reduced to LIBOR plus 200 basis points.

 

On October 30, 2020, the Company borrowed $260.0 million from the ABL Facility. The proceeds from the Company's borrowing and $100.0 million of the Company's cash and cash equivalents were used to pay $360.0 million of the principal amount due on the First Lien Term Loan. In connection with the payment, the Company expensed $2.8 million of previously capitalized debt issuance costs and original issue discount.

 

On April 30, 2021, the Company used $100.0 million of cash and cash equivalents to pay $100.0 million of the principal amount due on the First Lien Term Loan. In connection with the payment, the Company expensed $0.7 million of previously capitalized debt issuance costs and original issue discount.

 

There was $701.9 million, $801.9 million and $1,311.9 million outstanding on the First Lien Term Loan at May 1, 2021, January 30, 2021 and May 2, 2020, respectively. Interest rates for the First Lien Term Loan were 2.11%, 2.13% and 3.08% at May 1, 2021, January 30, 2021 and May 2, 2020, respectively.

 

v3.21.1
Note 5 - Interest Expense, Net
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Other Nonoperating Income and Expense [Text Block]

5. Interest Expense, net

 

The following details the components of interest expense for the periods presented (in thousands):

 

   

Thirteen Weeks Ended

 
   

May 1, 2021

   

May 2, 2020

 

Interest on debt

  $ 12,032     $ 19,643  

Interest on capital lease and financing obligations

    998       1,008  

Debt issuance costs amortization

    562       657  

Original issue discount amortization

    329       539  

Loss on debt extinguishment

    657        

Loss on cash flow hedge

    4,709        

Capitalized interest

    (2 )     (3 )

Interest expense, net

  $ 19,285     $ 21,844  

 

Interest expense decreased due to lower debt balances outstanding and lower interest rates, partially offset by a $4.7 million loss on our cash flow hedge and a $0.7 million loss on the debt extinguishment in the first quarter of fiscal year 2021.

v3.21.1
Note 6 - Commitment and Contingencies
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

 

6. 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 consolidated financial statements.

 

v3.21.1
Note 7 - Stock Incentive Plans
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]

7. 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. Prior to the adoption of the 2018 Plan, the Company granted stock-based compensation to employees and non-employee directors, respectively, under the Fourth Amended and Restated 2011 Stock Option Plan of BJ's Wholesale Club, Inc. (f/k/a Beacon Holding Inc.), as amended (the "2011 Plan") and the 2012 Director Stock Option Plan of BJ’s Wholesale Club Holdings, Inc. (f/k/a Beacon Holding, Inc.), as amended (the "2012 Director Plan"). No further grants will be made under the 2011 Plan or the 2012 Director Plan.

 

The 2018 Plan authorizes the issuance of 13,148,058 shares, including 985,369 shares that were reserved but not issued under the 2011 Plan and the 2012 Director Plan. If an award under the 2018 Plan, the 2011 Plan or the 2012 Director 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, the 2011 Plan or the 2012 Director 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, 2011 Plan or 2012 Director Plan. As of  May 1, 2021, there were 5,470,034 shares available for future issuance under the 2018 Plan.

 

On April 16, 2021, the Compensation Committee approved a modification to the equity awards agreements under the 2011 Plan, 2012 Director Plan and 2018 Plan. In the event that an employee is terminated due to death, or disability, the modified equity award agreements provide for: (i) full vesting of all time-based awards, including restricted stock awards and stock options, (ii) pro-rata vesting of all performance-based awards, including performance share units, based on actual performance as of the end of the applicable performance period, pro-rated based on the period of employment during the applicable performance period, and (iii) the extension of the post-termination exercise window for vested stock options.

 

The following table summarizes the Company’s stock award activity during the thirteen weeks ended May 1, 2021 (shares in thousands):

 

  

Stock Options

  

Restricted Stock

  

Restricted Stock Units

  

Performance Stock

 
              

Weighted

      

Weighted

      

Weighted

 
      

Weighted

      

Average

      

Average

      

Average

 
      

Average

      

Grant

      

Grant

      

Grant

 
      

Exercise

      

Date Fair

      

Date Fair

      

Date Fair

 
  

Shares

  

Price

  

Shares

  

Value

  

Shares

  

Value

  

Shares

  

Value

 

Outstanding, January 30, 2021

  3,673  $17.50   1,575  $26.29   29  $34.54   527  $23.96 

Granted

        473   44.37         401   44.28 

Forfeited/canceled

                    (282)  28.98 

Exercised/vested

  (117)  14.57   (673)  32.04             

Outstanding, May 1, 2021

  3,556  $17.60   1,375  $31.52   29  $34.54   646  $38.97 

 

Stock-based compensation expense was $27.3 million and $5.5 million for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. Stock-based compensation expense in the thirteen weeks ended May 1, 2021 included $17.5 million of stock-based compensation expense related to the modification of stock awards associated with the passing of the former President and Chief Executive Officer (CEO), Lee Delaney.

 

On June 14, 2018, the Company’s board of directors adopted, and its stockholders approved, the BJ's Wholesale Club Holdings, Inc. Employee Stock Purchase Plan (the "ESPP"), which became effective the day prior to the first day of public trading of the Company’s equity securities. The aggregate number of shares of common stock that were to be reserved for issuance under the ESPP was to be 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 board of directors. The offering under the ESPP commenced on January 1, 2019. The amount of expense recognized for the thirteen weeks ended May 1, 2021 and May 2, 2020 was $0.1 million and $0.1 million, respectively. As of May 1, 2021, remaining shares available for issuance under the ESPP were 2,236,366.

 

Treasury Shares Acquired

 

The Company reacquired 226,404 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended May 1, 2021 and 83,353 shares in the thirteen weeks ended May 2, 2020. These reacquired shares were recorded as $10.0 million and  $2.1 million of treasury stock for the thirteen weeks ended May 1, 2021 and  May 2, 2020, respectively.

 

Share Repurchase Program

 

On December 19, 2019, the Company's board of directors authorized the repurchase of up to $250.0 million of the Company's outstanding common stock from time to time as market conditions warrant (the "Program"). The Program expires at the end of fiscal year 2021. The Company initiated the Program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value. As of May 1, 2021, $136.4 million remained available to purchase under the Program. The Company repurchased 315,000 shares for $14.0 million during the thirteen weeks ended May 1, 2021.

 

v3.21.1
Note 8 - Income Taxes
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

8. Income Taxes

 

The effective income tax rate is based on estimated income from continuing operations for the fiscal year, as well as discrete adjustments, if any, in the applicable quarterly periods. The Company projects the estimated annual effective tax rate for fiscal year 2021 to be 26.7%, 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 23.7% and 21.5% for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. The increase in the effective tax rate is due to lower excess tax benefits from stock-based compensation in the first quarter of fiscal year 2021 and favorable, permanent true-ups in the first quarter of fiscal year 2020.

 

We are subject to taxation in the U.S. federal and various state taxing jurisdictions. In general, the Company’s tax years from 2016 forward remain open and subject to examination by the Internal Revenue Service and various state taxing authorities; however, certain ongoing state audits and appeals relate to periods prior to 2016.

v3.21.1
Note 9 - Fair Value Measurements
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

 

9. Fair Value Measurements

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date or “exit price.” The inputs used to measure fair value are generally classified into the following hierarchy:

 

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

 

Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not observable for the asset or liability.

 

Level 3: Unobservable inputs for the asset or liability.

 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

 

The fair values of the Company’s derivative instruments are based on quotes received from third-party banks and represent the estimated amount the Company would pay to terminate the agreements taking into consideration current interest rates as well as the creditworthiness of the counterparties. These inputs are considered to be Level 2.

 

Financial Assets and Liabilities

 

The gross carrying amount and fair value of the Company’s debt at  May 1, 2021 are as follows (in thousands):

 

   

Carrying Amount

   

Fair Value

 

First Lien Term Loan

  $ 701,920     $ 701,042  

ABL Facility

    260,000       260,000  

Total Debt

  $ 961,920     $ 961,042  

 

The gross carrying amount and fair value of the Company’s debt at  January 30, 2021 are as follows (in thousands):

 

   

Carrying Amount

   

Fair Value

 

First Lien Term Loan

  $ 801,920     $ 802,256  

ABL Facility

    310,000       310,000  

Total Debt

  $ 1,111,920     $ 1,112,256  

 

The gross carrying amount and fair value of the Company’s debt at  May 2, 2020 are as follows (in thousands):

 

   

Carrying Amount

   

Fair Value

 

First Lien Term Loan

  $ 1,311,919     $ 1,268,758  

ABL Facility

    50,000       50,000  

Total Debt

  $ 1,361,919     $ 1,318,758  

 

The fair value of debt was based on quoted market prices and on borrowing rates available to the Company as of May 1, 2021, January 30, 2021 and May 2, 2020. These inputs are considered to be Level 2.

 

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, approximates their carrying value due to the short-term maturities of these instruments.

v3.21.1
Note 10 - Earnings Per Share
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

 

10. Earnings Per Share

 

The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the thirteen weeks ended May 1, 2021 and May 2, 2020:

 

   

Thirteen Weeks Ended

 
   

May 1, 2021

   

May 2, 2020

 

Weighted-average common shares outstanding, used for basic computation

    135,708,783       136,089,960  

Plus: Incremental shares of potentially dilutive securities

    2,953,181       2,337,780  

Weighted-average number of common and dilutive potential common shares outstanding

    138,661,964       138,427,740  

 

112,759 restricted shares and no options were excluded from the computation of diluted earnings for the thirteen weeks ended May 1, 2021 as their inclusion would have been anti-dilutive. Similarly, 875,894 and 780,256 stock options and restricted shares, respectively, were excluded from the computation of diluted earnings for the thirteen weeks ended May 2, 2020.

 

v3.21.1
Note 11 - Derivative Financial Instruments
3 Months Ended
May 01, 2021
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

11. Derivative Financial Instruments

 

Interest Rate Swaps

 

On November 13, 2018, the Company entered into three forward starting interest rate swaps (the "interest rate swaps"), which became effective on February 13, 2019. The Company had fixed the LIBOR component of $1.2 billion of its floating rate debt at a rate of approximately 3.0% from February 13, 2019 to February 13, 2022.

 

On  October 30, 2020, the Company borrowed $260.0 million from the ABL Facility. The proceeds from the Company's borrowing, as well as $100.0 million of the Company's cash and cash equivalents, were used to pay $360.0 million of the principal amount due on the First Lien Term Loan. Due to the payment of debt principal on the First Lien Term Loan, the Company determined that certain interest payments are no longer probable and that a portion of one of the interest rate swap agreements would be ineffective as a result of the payment of debt, and as such, reclassified $3.7 million of losses recorded in other comprehensive income to interest expense, net of tax.

 

On  November 10, 2020, the Company terminated one of the interest rate swaps, which fixed $360.0 million of its floating rate debt at a rate of approximately 3.0%. An additional interest rate swap, which fixed $240.0 million of its floating rate debt at a rate of 3.0%, was determined to be ineffective. Gains and losses on the ineffective interest rate swap agreement will be recorded as interest expense.

 

On April 30, 2021, the Company used $150.0 million of its cash and cash equivalents to pay $100.0 million of the principal amount due on the First Lien Term Loan and $50.0 million of the outstanding amounts on the ABL Facility. The Company accelerated the release of unrealized losses to earnings on the ineffective interest rate swap agreements and reclassified $4.7 million of losses recorded in other comprehensive income to interest expense, net of tax.

 

The interest rate swaps were recorded as a liability of $20.2 million and $26.4 million at May 1, 2021 and January 30, 2021, respectively, with the net of tax amount for the effective and ineffective interest rate swaps recorded in other comprehensive income and interest expense, respectively. The interest rate swaps are recorded as a liability of $59.8 million at May 2, 2020, with the net of tax amount recorded in other comprehensive loss.

 

The Company elected hedge accounting for the interest rate swap agreements, and as such, the effective portion of the gains or losses was recorded as a component of other comprehensive income (loss) and the ineffective portion of gains or losses were recorded as interest expense. There were $4.4 million of gains and $19.4 million of losses recorded in other comprehensive loss for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. The ineffective portion of gains in the first quarter of fiscal year 2021 of $1.8 million was recorded in interest expense. In the first quarter of fiscal year 2020, all interest rate swap agreements were effective.

 

The fair values of derivative instruments included on the consolidated balance sheets are as follows (in thousands):

 

           

Fair Value at

 

Accounting for cash flow hedges

 

Notional Amount

  

Fixed Rate

 

Balance Sheet Classification

 

May 1, 2021

  

January 30, 2021

  

May 2, 2020

 

Interest rate swap

 $600,000   3.00%

Other current liabilities

 $(14,453) $(18,828) $(29,934)

Interest rate swap

  360,000   3.00%

Other current liabilities

        (17,941)

Interest rate swap

  240,000   3.00%

Other current liabilities

  (5,777)  (7,525)  (11,965)

Net carrying amount

 $1,200,000     

Total liabilities

 $(20,230) $(26,353) $(59,840)

 

v3.21.1
Significant Accounting Policies (Policies)
3 Months Ended
May 01, 2021
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

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 generally accepted accounting principles in the United States of America ("GAAP").

 

The consolidated balance sheet as of  January 30, 2021 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the first quarter of fiscal year 2021 are not necessarily indicative of future results or results to be expected for fiscal year 2021. The Company’s business, in 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 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 2020, as filed with the Securities and Exchange Commission on March 19, 2021.

 

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

 

The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2020. There have been no material changes to these accounting policies, except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2021.

 

Income Taxes (ASU 2019-12)

 

In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard as of January 31, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

 

v3.21.1
Note 3 - Revenue Recognition (Tables)
3 Months Ended
May 01, 2021
Notes Tables  
Disaggregation of Revenue [Table Text Block]
  

Thirteen Weeks Ended

 
  

May 1, 2021

  

May 2, 2020

 

Grocery

  72%  81%

General Merchandise & Services

  15%  11%

Gasoline and Other

  13%  8%
v3.21.1
Note 4 - Debt and Credit Arrangements (Tables)
3 Months Ended
May 01, 2021
Notes Tables  
Schedule of Debt [Table Text Block]
  

May 1, 2021

  

January 30, 2021

  

May 2, 2020

 

ABL Facility

 $260,000  $310,000  $50,000 

First Lien Term Loan

  701,920   801,920   1,311,919 

Unamortized debt discount and debt issuance cost

  (4,609)  (5,745)  (11,747)

Less: current portion

  (210,000)  (260,000)  (15,377)

Long-term debt

 $747,311  $846,175  $1,334,795 
v3.21.1
Note 5 - Interest Expense, Net (Tables)
3 Months Ended
May 01, 2021
Notes Tables  
Schedule of Other Nonoperating Income (Expense) [Table Text Block]
   

Thirteen Weeks Ended

 
   

May 1, 2021

   

May 2, 2020

 

Interest on debt

  $ 12,032     $ 19,643  

Interest on capital lease and financing obligations

    998       1,008  

Debt issuance costs amortization

    562       657  

Original issue discount amortization

    329       539  

Loss on debt extinguishment

    657        

Loss on cash flow hedge

    4,709        

Capitalized interest

    (2 )     (3 )

Interest expense, net

  $ 19,285     $ 21,844  
v3.21.1
Note 7 - Stock Incentive Plans (Tables)
3 Months Ended
May 01, 2021
Notes Tables  
Share-based Payment Arrangement, Activity [Table Text Block]
  

Stock Options

  

Restricted Stock

  

Restricted Stock Units

  

Performance Stock

 
              

Weighted

      

Weighted

      

Weighted

 
      

Weighted

      

Average

      

Average

      

Average

 
      

Average

      

Grant

      

Grant

      

Grant

 
      

Exercise

      

Date Fair

      

Date Fair

      

Date Fair

 
  

Shares

  

Price

  

Shares

  

Value

  

Shares

  

Value

  

Shares

  

Value

 

Outstanding, January 30, 2021

  3,673  $17.50   1,575  $26.29   29  $34.54   527  $23.96 

Granted

        473   44.37         401   44.28 

Forfeited/canceled

                    (282)  28.98 

Exercised/vested

  (117)  14.57   (673)  32.04             

Outstanding, May 1, 2021

  3,556  $17.60   1,375  $31.52   29  $34.54   646  $38.97 
v3.21.1
Note 9 - Fair Value Measurements (Tables)
3 Months Ended
May 01, 2021
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
   

Carrying Amount

   

Fair Value

 

First Lien Term Loan

  $ 701,920     $ 701,042  

ABL Facility

    260,000       260,000  

Total Debt

  $ 961,920     $ 961,042  
   

Carrying Amount

   

Fair Value

 

First Lien Term Loan

  $ 801,920     $ 802,256  

ABL Facility

    310,000       310,000  

Total Debt

  $ 1,111,920     $ 1,112,256  
   

Carrying Amount

   

Fair Value

 

First Lien Term Loan

  $ 1,311,919     $ 1,268,758  

ABL Facility

    50,000       50,000  

Total Debt

  $ 1,361,919     $ 1,318,758  
v3.21.1
Note 10 - Earnings Per Share (Tables)
3 Months Ended
May 01, 2021
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   

Thirteen Weeks Ended

 
   

May 1, 2021

   

May 2, 2020

 

Weighted-average common shares outstanding, used for basic computation

    135,708,783       136,089,960  

Plus: Incremental shares of potentially dilutive securities

    2,953,181       2,337,780  

Weighted-average number of common and dilutive potential common shares outstanding

    138,661,964       138,427,740  
v3.21.1
Note 11 - Derivative Financial Instruments (Tables)
3 Months Ended
May 01, 2021
Notes Tables  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]
           

Fair Value at

 

Accounting for cash flow hedges

 

Notional Amount

  

Fixed Rate

 

Balance Sheet Classification

 

May 1, 2021

  

January 30, 2021

  

May 2, 2020

 

Interest rate swap

 $600,000   3.00%

Other current liabilities

 $(14,453) $(18,828) $(29,934)

Interest rate swap

  360,000   3.00%

Other current liabilities

        (17,941)

Interest rate swap

  240,000   3.00%

Other current liabilities

  (5,777)  (7,525)  (11,965)

Net carrying amount

 $1,200,000     

Total liabilities

 $(20,230) $(26,353) $(59,840)
v3.21.1
Note 1 - Description of Business (Details Textual)
May 01, 2021
Number of Stores 221
Number of Gas Stations 151
Number of States in which Entity Operates 17
v3.21.1
Note 3 - Revenue Recognition (Details Textual) - USD ($)
3 Months Ended
May 01, 2021
May 02, 2020
Jan. 30, 2021
Jan. 30, 2020
Percentage of Cash Back Earned 2.00%      
Maximum Annual Cash Back Amount $ 500      
Percentage of Cash Back Earned, Eligible Purchases 5.00%      
Cash Back In Form Of Electronic Awards Issued $ 10      
Other Liabilities, Current, Total 24,800,000 $ 28,600,000 $ 25,500,000  
Revenue, Remaining Performance Obligation, Amount 18,000,000.0 14,800,000 13,500,000  
Contract with Customer, Liability, Total 12,800,000      
Revenue from Contract with Customer, Excluding Assessed Tax, Total 3,868,222,000 3,797,605,000    
Membership [Member]        
Contract with Customer, Liability, Total $ 167,800,000 157,600,000   $ 155,600,000
Revenue From Contract With Customers, Term Of Contract (Month) 12 months      
Revenue from Contract with Customer, Excluding Assessed Tax, Total $ 86,388,000 79,565,000    
Gift Card Programs [Member]        
Contract with Customer, Liability, Total 9,600,000 9,800,000 $ 10,300,000  
Revenue from Contract with Customer, Excluding Assessed Tax, Total $ 8,800,000 $ 10,200,000    
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member]        
Concentration Risk, Percentage 93.00%      
Revenues Net [Member] | Revenue from Rights Concentration Risk [Member]        
Concentration Risk, Percentage 91.00%      
v3.21.1
Note 3 - Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details)
3 Months Ended
May 01, 2021
May 02, 2020
Grocery [Member]    
Grocery 72.00% 81.00%
General Merchandise and Services [Member]    
Grocery 15.00% 11.00%
Gasoline and Other [Member]    
Grocery 13.00% 8.00%
v3.21.1
Note 4 - Debt and Credit Arrangements (Details Textual)
$ in Thousands
3 Months Ended
Apr. 30, 2021
USD ($)
Oct. 30, 2020
USD ($)
Jul. 29, 2020
Jul. 13, 2020
USD ($)
Jan. 29, 2020
USD ($)
May 01, 2021
USD ($)
May 02, 2020
USD ($)
Jan. 30, 2021
USD ($)
Long-term Debt, Gross           $ 961,920 $ 1,361,919 $ 1,111,920
Proceeds from Lines of Credit, Total           0 736,000  
Cash and Cash Equivalents, at Carrying Value, Ending Balance $ 100,000         62,954 132,915 43,518
Amortization of Debt Issuance Costs and Discounts, Total           891 1,197  
ABL Facility [Member]                
Long-term Debt, Gross           260,000 $ 50,000 $ 310,000
Proceeds from Lines of Credit, Total   $ 260,000            
Cash and Cash Equivalents, at Carrying Value, Ending Balance   100,000            
ABL Facility [Member] | Term Loan [Member]                
Debt Instrument, Face Amount           $ 50,000    
Debt Instrument, Minimum Net Leverage Ratio for Interest Rate Adjustment           3.00    
Repayments of Debt 50,000              
Debt Instrument, Interest Rate, Stated Percentage           2.11% 2.98% 2.14%
Repayments of Long-term Debt, Total 50,000              
ABL Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]                
Debt Instrument, Decrease in Basis Spread on Variable Rate Upon Achievement of Certain Net Leverage Ratio           0.125%    
ABL Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]                
Debt Instrument, Basis Spread on Variable Rate           2.00%    
ABL Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]                
Debt Instrument, Basis Spread on Variable Rate           2.50%    
ABL Facility [Member] | Term Loan [Member] | Base Rate [Member] | Minimum [Member]                
Debt Instrument, Basis Spread on Variable Rate           1.00%    
ABL Facility [Member] | Term Loan [Member] | Base Rate [Member] | Maximum [Member]                
Debt Instrument, Basis Spread on Variable Rate           1.50%    
ABL Facility [Member] | Revolving Credit Facility [Member]                
Line of Credit Facility, Maximum Borrowing Capacity           $ 950,000    
Long-term Debt, Gross           $ 260,000 $ 50,000 $ 310,000
Line of Credit Facility, Interest Rate at Period End           1.24% 1.45% 1.25%
Line of Credit Facility, Remaining Borrowing Capacity           $ 650,400 $ 770,600 $ 641,100
ABL Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]                
Debt Instrument, Basis Spread on Variable Rate           1.25%    
ABL Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]                
Debt Instrument, Basis Spread on Variable Rate           1.75%    
ABL Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]                
Debt Instrument, Basis Spread on Variable Rate           0.25%    
ABL Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]                
Debt Instrument, Basis Spread on Variable Rate           0.75%    
ABL Facility [Member] | Letter of Credit [Member]                
Long-term Debt, Gross           $ 15,500 22,100 15,000
First Lien Term Loan [Member]                
Debt Instrument, Face Amount         $ 1,315,200      
Debt Instrument, Minimum Net Leverage Ratio for Interest Rate Adjustment           3.50    
Long-term Debt, Gross           $ 701,920 $ 1,311,919 $ 801,920
Debt Instrument, Interest Rate Step Down Based On Achievement Of Certain Debt Ratings Upgrade         0.25%      
Debt Instrument, Refinancing Expenses         $ 1,700      
Write off of Deferred Debt Issuance Cost       $ 1,300 $ 100      
Repayments of Secured Debt       $ 150,000        
Cash and Cash Equivalents, at Carrying Value, Ending Balance 150,000 100,000            
Repayments of Long-term Debt, Total 100,000 360,000            
Amortization of Debt Issuance Costs and Discounts, Total $ 700 $ 2,800            
Debt Instrument, Interest Rate, Effective Percentage           2.11% 3.08% 2.13%
First Lien Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]                
Debt Instrument, Basis Spread on Variable Rate     2.00%   2.25%      
First Lien Term Loan [Member] | Base Rate [Member]                
Debt Instrument, Basis Spread on Variable Rate         1.25%      
v3.21.1
Note 4 - Debt and Credit Arrangements - Debt Component (Details) - USD ($)
$ in Thousands
May 01, 2021
Jan. 30, 2021
May 02, 2020
Long-term debt gross $ 961,920 $ 1,111,920 $ 1,361,919
Unamortized debt discount and debt issuance cost (4,609) (5,745) (11,747)
Less: current portion (210,000) (260,000) (15,377)
Long-term debt 747,311 846,175 1,334,795
ABL Facility [Member]      
Long-term debt gross 260,000 310,000 50,000
First Lien Term Loan [Member]      
Long-term debt gross $ 701,920 $ 801,920 $ 1,311,919
v3.21.1
Note 5 - Interest Expense, Net (Details Textual) - USD ($)
$ in Thousands
3 Months Ended
May 01, 2021
May 02, 2020
Gain (Loss) on Hedging Activity $ (4,709) $ (0)
Gain (Loss) on Extinguishment of Debt, Total $ (657) $ (0)
v3.21.1
Note 5 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
3 Months Ended
May 01, 2021
May 02, 2020
Interest on debt $ 12,032 $ 19,643
Interest on capital lease and financing obligations 998 1,008
Debt issuance costs amortization 562 657
Original issue discount amortization 329 539
Debt extinguishment charges 657 0
Loss on cash flow hedge 4,709 0
Capitalized interest (2) (3)
Interest expense, net $ 19,285 $ 21,844
v3.21.1
Note 7 - Stock Incentive Plans (Details Textual) - USD ($)
$ in Thousands
3 Months Ended
May 01, 2021
May 02, 2020
Dec. 19, 2019
Jun. 14, 2018
Jun. 13, 2018
Share-based Payment Arrangement, Expense $ 27,300 $ 5,500      
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) 226,404 83,353      
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation $ 10,000 $ 2,100      
Treasury Stock, Value, Acquired, Cost Method 24,031 6,073      
Chief Executive Officer [Member]          
Share-based Payment Arrangement, Plan Modification, Incremental Cost $ 17,500        
The 2011 Plan and 2012 Director Plan [Member]          
Common Stock, Capital Shares Reserved for Future Issuance (in shares)         985,369
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) 5,470,034        
The 2018 Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)         13,148,058
Employee Stock Purchase Plan [Member]          
Common Stock, Capital Shares Reserved for Future Issuance (in shares) 2,236,366        
Share-based Payment Arrangement, Expense $ 100 $ 100      
Employee Stock Purchase Plan, Number of Allocated Shares (in shares)       973,014  
Employee Stock Purchase Plan, Annual Increase in Number of Shares, Minimum (in shares)       486,507  
Employee Stock Purchase Plan, Annual Increase in Number of Shares, Percent of Shares Outstanding       0.50%  
The Program [Member]          
Stock Repurchase Program, Authorized Amount     $ 250,000    
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 136,400        
Treasury Stock, Shares, Acquired (in shares) 315,000        
Treasury Stock, Value, Acquired, Cost Method $ 14,000        
v3.21.1
Note 7 - Stock Incentive Plans - Non-vested Restricted Shares, Restricted Stock Units and Performance Stock (Details)
shares in Thousands
3 Months Ended
May 01, 2021
$ / shares
shares
Share-based Payment Arrangement, Option [Member]  
Balance (in shares) | shares 3,673
Outstanding, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares $ 17.50
Granted (in shares) | shares 0
Granted, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares $ 0
Forfeited/canceled (in shares) | shares 0
Forfeited, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares $ 0
Exercised/vested (in shares) | shares (117)
Vested, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares $ 14.57
Balance (in shares) | shares 3,556
Outstanding, weighted-average grant-date fair value, stock options (in dollars per share) | $ / shares $ 17.60
Restricted Stock [Member]  
Outstanding, beginning of period, shares (in shares) | shares 1,575
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 26.29
Granted, shares (in shares) | shares 473
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 44.37
Forfeited/canceled, shares (in shares) | shares 0
Forfeited/canceled, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 0
Exercised/vested, shares (in shares) | shares (673)
Exercised/vested, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 32.04
Outstanding, beginning of period, shares (in shares) | shares 1,375
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 31.52
Restricted Stock Units (RSUs) [Member]  
Outstanding, beginning of period, shares (in shares) | shares 29
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 34.54
Granted, shares (in shares) | shares 0
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 0
Forfeited/canceled, shares (in shares) | shares 0
Forfeited/canceled, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 0
Exercised/vested, shares (in shares) | shares 0
Exercised/vested, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 0
Outstanding, beginning of period, shares (in shares) | shares 29
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 34.54
Performance Shares [Member]  
Outstanding, beginning of period, shares (in shares) | shares 527
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 23.96
Granted, shares (in shares) | shares 401
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 44.28
Forfeited/canceled, shares (in shares) | shares (282)
Forfeited/canceled, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 28.98
Exercised/vested, shares (in shares) | shares 0
Exercised/vested, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 0
Outstanding, beginning of period, shares (in shares) | shares 646
Outstanding, weighted-average grant-date fair value (in dollars per share) | $ / shares $ 38.97
v3.21.1
Note 8 - Income Taxes (Details Textual)
3 Months Ended 12 Months Ended
May 01, 2021
May 02, 2020
Jan. 29, 2022
Effective Income Tax Rate Reconciliation, Percent, Total 23.70% 21.50%  
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]      
Open Tax Year 2016 2017 2018 2019 2020 2021    
State and Local Jurisdiction [Member]      
Open Tax Year 2016 2017 2018 2019 2020 2021    
Forecast [Member]      
Effective Income Tax Rate Reconciliation, Percent, Total     26.70%
v3.21.1
Note 9 - Fair Value Measurements - Carrying Amount and Fair Value of Debt (Details) - USD ($)
$ in Thousands
May 01, 2021
Jan. 30, 2021
May 02, 2020
Long-term debt gross $ 961,920 $ 1,111,920 $ 1,361,919
Debt, fair value 961,042 1,112,256 1,318,758
First Lien Term Loan [Member]      
Long-term debt gross 701,920 801,920 1,311,919
Debt, fair value 701,042 802,256 1,268,758
ABL Facility [Member]      
Long-term debt gross 260,000 310,000 50,000
Debt, fair value $ 260,000 $ 310,000 $ 50,000
v3.21.1
Note 10 - Earnings Per Share (Details Textual) - shares
3 Months Ended
May 01, 2021
May 02, 2020
Restricted Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 112,759 780,256
Share-based Payment Arrangement, Option [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 0 875,894
v3.21.1
Note 10 - Earnings Per Share - Summary of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Details) - shares
3 Months Ended
May 01, 2021
May 02, 2020
Basic (in shares) 135,708,783 136,089,960
Plus: Incremental shares of potentially dilutive securities (in shares) 2,953,181 2,337,780
Weighted-average number of common and dilutive potential common shares outstanding (in shares) 138,661,964 138,427,740
v3.21.1
Note 11 - Derivative Financial Instruments (Details Textual)
$ in Thousands
3 Months Ended
Apr. 30, 2021
USD ($)
Oct. 30, 2020
USD ($)
Nov. 13, 2018
May 01, 2021
USD ($)
May 02, 2020
USD ($)
Jan. 30, 2021
USD ($)
Nov. 10, 2020
USD ($)
Feb. 13, 2019
USD ($)
Number of Derivative Instruments Entered     3          
Derivative, Amount of Hedged Item               $ 1,200,000
Derivative, Average Fixed Interest Rate               3.00%
Proceeds from Lines of Credit, Total       $ 0 $ 736,000      
Cash and Cash Equivalents, at Carrying Value, Ending Balance $ 100,000     62,954 132,915 $ 43,518    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 4,700 $ 3,700            
Derivative, Notional Amount       1,200,000        
Derivative Liability, Total       20,230 59,840 $ 26,353    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax       4,400 $ (19,400)      
Interest Expense, Total       $ 1,800        
Terminated Interest Rate Swaps [Member]                
Derivative, Notional Amount             $ 360,000  
Derivative, Fixed Interest Rate             3.00%  
Ineffective Interest Rate Swap [Member]                
Derivative, Notional Amount             $ 240,000  
Derivative, Fixed Interest Rate             3.00%  
ABL Facility [Member]                
Proceeds from Lines of Credit, Total   260,000            
Cash and Cash Equivalents, at Carrying Value, Ending Balance   100,000            
ABL Facility [Member] | Term Loan [Member]                
Repayments of Long-term Debt, Total 50,000              
First Lien Term Loan [Member]                
Cash and Cash Equivalents, at Carrying Value, Ending Balance 150,000 100,000            
Repayments of Long-term Debt, Total $ 100,000 $ 360,000            
v3.21.1
Note 11 - Derivative Financial Instruments - Fair Values of Derivative Instruments (Details) - USD ($)
$ in Thousands
May 01, 2021
Jan. 30, 2021
May 02, 2020
Interest rate swap, notional amount $ 1,200,000    
Interest rate swap, fair value (20,230) $ (26,353) $ (59,840)
Interest Rate Swap 1 [Member]      
Interest rate swap, notional amount $ 600,000    
Interest rate swap, fixed rate 3.00%    
Interest rate swap, fair value $ (14,453) (18,828) (29,934)
Interest Rate Swap 2 [Member]      
Interest rate swap, notional amount $ 360,000    
Interest rate swap, fixed rate 3.00%    
Interest rate swap, fair value $ 0 0 (17,941)
Interest Rate Swap 3 [Member]      
Interest rate swap, notional amount $ 240,000    
Interest rate swap, fixed rate 3.00%    
Interest rate swap, fair value $ (5,777) $ (7,525) $ (11,965)