BJ'S WHOLESALE CLUB HOLDINGS, INC., 10-Q filed on 11/22/2023
Quarterly Report
v3.23.3
Cover - shares
 9 Months Ended
Oct. 28, 2023
Nov. 16, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Oct. 28, 2023  
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 $0.01  
Trading Symbol BJ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   133,381,006
Entity Central Index Key 0001531152  
Amendment Flag false  
Current Fiscal Year End Date --02-03  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2023  
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 28, 2023
Oct. 29, 2022
Current assets:      
Cash and cash equivalents $ 33,551 $ 33,915 $ 34,644
Accounts receivable, net 224,505 239,746 251,978
Merchandise inventories 1,661,852 1,378,551 1,504,368
Prepaid expenses and other current assets 80,550 51,033 72,285
Total current assets 2,000,458 1,703,245 1,863,275
Operating lease right-of-use assets, net 2,174,706 2,142,925 2,163,504
Property and equipment, net 1,495,912 1,337,029 1,296,151
Goodwill 1,008,816 1,008,816 1,008,816
Intangibles, net 109,600 115,505 117,814
Deferred income taxes 7,429 11,498 4,341
Other assets 40,323 30,938 25,002
Total assets 6,837,244 6,349,956 6,478,903
Current liabilities:      
Short-term debt 434,000 405,000 295,000
Current portion of operating lease liabilities 180,490 177,233 176,659
Accounts payable 1,318,959 1,195,697 1,363,734
Accrued expenses and other current liabilities 805,607 767,411 764,572
Total current liabilities 2,739,056 2,545,341 2,599,965
Long-term operating lease liabilities 2,084,744 2,058,797 2,085,625
Long-term debt 398,355 447,880 600,123
Deferred income taxes 65,104 57,024 70,432
Other non-current liabilities 196,289 194,077 179,883
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, 147,470 shares issued and 133,494 outstanding at October 28, 2023; 146,347 shares issued and 133,903 outstanding at January 28, 2023; and 146,243 shares issued and 134,429 outstanding at October 29, 2022 1,475 1,463 1,461
Additional paid-in capital 993,178 958,555 939,855
Retained earnings 1,022,359 644,490 514,712
Accumulated other comprehensive income 1,049 1,550 2,010
Treasury stock, at cost, 13,976 shares at October 28, 2023; 12,444 shares at January 28, 2023; and 11,814 shares at October 29, 2022 (664,365) (559,221) (515,163)
Total stockholders’ equity 1,353,696 1,046,837 942,875
Total liabilities and stockholders’ equity $ 6,837,244 $ 6,349,956 $ 6,478,903
v3.23.3
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Oct. 28, 2023
Jan. 28, 2023
Oct. 29, 2022
Statement of Financial Position [Abstract]      
Preferred stock, par value (in USD per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 5,000,000 5,000,000 5,000,000
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) 300,000,000 300,000,000 300,000,000
Common stock, issued (in shares) 147,470,000 146,347,000 146,243,000
Common stock, outstanding (in shares) 133,494,000 133,903,000 134,429,000
Treasury stock (in shares) 13,976,000 12,444,000 11,814,000
v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Total revenues $ 4,924,723 $ 4,785,319 $ 14,611,405 $ 14,385,570
Cost of sales 4,022,243 3,908,219 11,932,120 11,857,263
Selling, general and administrative expenses 697,104 674,426 2,081,392 1,961,606
Pre-opening expenses 6,001 10,706 11,479 21,508
Operating income 199,375 191,968 586,414 545,193
Interest expense, net 18,004 12,450 48,968 31,166
Income from continuing operations before income taxes 181,371 179,518 537,446 514,027
Provision for income taxes 50,904 48,124 159,666 129,165
Income from continuing operations 130,467 131,394 377,780 384,862
Loss from discontinued operations, net of income taxes 0 (1,452) 89 (1,466)
Net income $ 130,467 $ 129,942 $ 377,869 $ 383,396
Income per share attributable to common stockholders—basic:        
Income from continuing operations (in USD per share) $ 0.98 $ 0.98 $ 2.84 $ 2.87
Income from discontinued operations (in USD per share) 0 (0.01) 0 (0.01)
Net income (in USD per share) 0.98 0.97 2.84 2.86
Income per share attributable to common stockholders—diluted:        
Income from continuing operations (in USD per share) 0.97 0.96 2.79 2.82
Income from discontinued operations (in USD per share) 0 (0.01) 0 (0.01)
Net income (in USD per share) $ 0.97 $ 0.95 $ 2.79 $ 2.81
Weighted-average shares of common stock outstanding:        
Basic (in shares) 133,069 134,091 133,232 134,225
Diluted (in shares) 134,984 136,621 135,338 136,630
Other comprehensive income:        
Amounts released from other comprehensive income, net of tax     $ (501) $ 117
Unrealized gain on cash flow hedge, net of income tax provision of $229, at October 29, 2022     0 588
Total other comprehensive income $ 0 $ 0 (501) 705
Total comprehensive income 130,467 129,942 377,368 384,101
Net sales        
Total revenues 4,818,670 4,685,834 14,299,132 14,090,673
Membership        
Total revenues $ 106,053 $ 99,485 $ 312,273 $ 294,897
v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Parentheticals)
$ in Thousands
 9 Months Ended
Oct. 29, 2022
USD ($)
Income Statement [Abstract]  
Unrealized gain on cash flow hedge, tax provision $ 229
v3.23.3
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. 29, 2022   145,451        
Balance at beginning of period at Jan. 29, 2022 $ 648,108 $ 1,454 $ 902,704 $ 131,313 $ 1,305 $ (388,668)
Treasury stock at beginning of period (in shares) at Jan. 29, 2022           (9,945)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 112,450     112,450    
Amounts reclassified from accumulated other comprehensive income, net of tax 117       117  
Unrealized gain (loss) on cash flow hedge, net of tax 588       588  
Common stock issued under stock incentive plans (in shares)   490        
Common stock issued under stock incentive plans 0 $ 5 (5)      
Stock-based compensation expense 9,115   9,115      
Exercise of stock options 2,306   2,306      
Acquisition of treasury stock (in shares)           (801)
Acquisition of treasury stock (51,342)         $ (51,342)
Balance at end of period (in shares) at Apr. 30, 2022   145,941        
Balance at end of period at Apr. 30, 2022 721,342 $ 1,459 914,120 243,763 2,010 $ (440,010)
Treasury stock at end of period (in shares) at Apr. 30, 2022           (10,746)
Balance at beginning of period (in shares) at Jan. 29, 2022   145,451        
Balance at beginning of period at Jan. 29, 2022 648,108 $ 1,454 902,704 131,313 1,305 $ (388,668)
Treasury stock at beginning of period (in shares) at Jan. 29, 2022           (9,945)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 383,396          
Amounts reclassified from accumulated other comprehensive income, net of tax 117          
Unrealized gain (loss) on cash flow hedge, net of tax $ 588          
Balance at end of period (in shares) at Oct. 29, 2022 134,429 146,243        
Balance at end of period at Oct. 29, 2022 $ 942,875 $ 1,461 939,855 514,712 2,010 $ (515,163)
Treasury stock at end of period (in shares) at Oct. 29, 2022 (11,814)         (11,814)
Balance at beginning of period (in shares) at Apr. 30, 2022   145,941        
Balance at beginning of period at Apr. 30, 2022 $ 721,342 $ 1,459 914,120 243,763 2,010 $ (440,010)
Treasury stock at beginning of period (in shares) at Apr. 30, 2022           (10,746)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 141,007     141,007    
Common stock issued under stock incentive plans (in shares)   172        
Common stock issued under stock incentive plans 0 $ 2 (2)      
Common stock issued under ESPP (in shares)   44        
Common stock issued under ESPP 2,331   2,331      
Stock-based compensation expense 9,387   9,387      
Exercise of stock options 2,712   2,712      
Acquisition of treasury stock (in shares)           (359)
Acquisition of treasury stock (23,188)         $ (23,188)
Balance at end of period (in shares) at Jul. 30, 2022   146,157        
Balance at end of period at Jul. 30, 2022 853,591 $ 1,461 928,548 384,770 2,010 $ (463,198)
Treasury stock at end of period (in shares) at Jul. 30, 2022           (11,105)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 129,942     129,942    
Common stock issued under stock incentive plans (in shares)   86        
Stock-based compensation expense 9,463   9,463      
Exercise of stock options 1,844   1,844      
Acquisition of treasury stock (in shares)           (709)
Acquisition of treasury stock $ (51,965)         $ (51,965)
Balance at end of period (in shares) at Oct. 29, 2022 134,429 146,243        
Balance at end of period at Oct. 29, 2022 $ 942,875 $ 1,461 939,855 514,712 2,010 $ (515,163)
Treasury stock at end of period (in shares) at Oct. 29, 2022 (11,814)         (11,814)
Balance at beginning of period (in shares) at Jan. 28, 2023 133,903 146,347        
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)         (12,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 116,077     116,077    
Amounts reclassified from accumulated other comprehensive income, net of tax (501)       (501)  
Common stock issued under stock incentive plans (in shares)   1,033        
Common stock issued under stock incentive plans 0 $ 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 133,903 146,347        
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)         (12,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 377,869          
Amounts reclassified from accumulated other comprehensive income, net of tax (501)          
Unrealized gain (loss) on cash flow hedge, net of tax $ 0          
Balance at end of period (in shares) at Oct. 28, 2023 133,494 147,470        
Balance at end of period at Oct. 28, 2023 $ 1,353,696 $ 1,475 993,178 1,022,359 1,049 $ (664,365)
Treasury stock at end of period (in shares) at Oct. 28, 2023 (13,976)         (13,976)
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    
Common stock issued under stock incentive plans (in shares)   2        
Common stock issued under ESPP (in shares)   61        
Common stock issued under ESPP 3,255 $ 1 3,254      
Stock-based compensation expense 9,624   9,624      
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   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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 130,467     130,467    
Common stock issued under stock incentive plans (in shares)   27        
Common stock issued under stock incentive plans 0 $ 1 (1)      
Stock-based compensation expense 9,380   9,380      
Exercise of stock options 433   433      
Acquisition of treasury stock (in shares)           (253)
Acquisition of treasury stock $ (17,873)         $ (17,873)
Balance at end of period (in shares) at Oct. 28, 2023 133,494 147,470        
Balance at end of period at Oct. 28, 2023 $ 1,353,696 $ 1,475 $ 993,178 $ 1,022,359 $ 1,049 $ (664,365)
Treasury stock at end of period (in shares) at Oct. 28, 2023 (13,976)         (13,976)
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 377,869 $ 383,396
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 166,421 149,259
Amortization of debt issuance costs and accretion of original issue discount 900 2,282
Debt extinguishment charges 1,830 687
Stock-based compensation expense 29,011 27,965
Deferred income tax provision 12,149 18,474
Changes in operating leases and other non-cash items 3,684 26,235
Increase (decrease) in cash due to changes in:    
Accounts receivable 15,205 (73,162)
Merchandise inventories (283,301) (173,361)
Prepaid expenses and other current assets (23,628) (5,248)
Other assets (9,917) (444)
Accounts payable 123,262 250,951
Accrued expenses and other current liabilities 29,916 (3,802)
Other non-current liabilities 1,130 9,625
Net cash provided by operating activities 444,531 612,857
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property and equipment, net of disposals (347,951) (294,308)
Proceeds from sale-leaseback transactions 12,310 11,092
Acquisitions 0 (376,521)
Net cash used in investing activities (335,641) (659,737)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of long term-debt 305,041 0
Payments on long-term debt (355,041) (150,000)
Proceeds from revolving lines of credit 564,000 1,110,000
Payments on revolving lines of credit (535,000) (815,000)
Debt issuance costs paid (1,722) (2,733)
Net cash received from stock option exercises 2,369 6,545
Net cash received from ESPP 3,255 2,331
Acquisition of treasury stock (101,819) (127,458)
Proceeds from financing obligations 11,691 16,949
Other financing activities (2,028) (4,546)
Net cash (used in) provided by financing activities (109,254) 36,088
Net decrease in cash and cash equivalents (364) (10,792)
Cash and cash equivalents at beginning of period 33,915 45,436
Cash and cash equivalents at end of period 33,551 34,644
Supplemental cash flow information:    
Interest paid 44,335 25,031
Income taxes paid 156,632 134,021
Operating lease liabilities arising from obtaining right-of-use assets and other non-cash lease-related operating items 165,931 190,803
Non-cash financing and investing activities:    
Finance lease liabilities arising from obtaining right-of-use assets 4,467 7,443
Financing obligations arising from failed sale-leasebacks 0 3,487
Property additions included in accrued expenses 32,104 29,192
Treasury stock repurchases included in accrued expenses $ 3,325 $ 770
v3.23.3
Description of Business
 9 Months Ended
Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of BusinessBJ’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 grocery, general merchandise, gasoline and other ancillary services, coupon books, and promotions to offer a differentiated shopping experience that is further enhanced by its omnichannel capabilities. As of October 28, 2023, the Company operated 238 warehouse clubs and 169 gas stations in 20 states.
v3.23.3
Summary of Significant Accounting Policies
 9 Months Ended
Oct. 28, 2023
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 January 28, 2023 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 2022, as filed with the Securities and Exchange Commission on March 16, 2023.
(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 October 28, 2023 and October 29, 2022 are referred to herein as the "third quarter of fiscal year 2023" and the "third quarter of fiscal year 2022," respectively. The thirty-nine week periods ended October 28, 2023 and October 29, 2022 are referred to herein as the "thirty-nine weeks ended October 28, 2023" and the "thirty-nine weeks ended October 29, 2022," respectively. Operating results for the thirteen-week and thirty-nine week periods ended October 28, 2023 are not necessarily indicative of the results that may be expected for the 53-week fiscal year ending February 3, 2024.
(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 2022. 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.
v3.23.3
Revenue Recognition
 9 Months Ended
Oct. 28, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
(a) 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. 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.
The following table summarizes the Company’s point-of-sale transactions at clubs and gas stations, excluding sales tax, as a percentage of both net sales and total revenues:
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 28, 2023October 29, 2022October 28, 2023October 29, 2022
Point-of-sale transactions, excluding sales tax, as a percent of net sales92 %92 %91 %92 %
Point-of-sale transactions, excluding sales tax, as a percent of total revenues90 %90 %89 %90 %
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. 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 these two programs 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 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, coupon books, 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.
(b) Contract Balances
The following table summarizes the Company's deferred revenue balance related to outstanding performance obligations for contracts with customers:
October 28, 2023January 28, 2023October 29, 2022
Current:
   Rewards programs:
   Earned award dollars$46,816 $34,676 $44,490 
   Royalty revenue5,454 17,877 23,255 
   Co-brand marketing & integration3,996 6,960 — 
   Total rewards programs56,266 59,513 67,745 
    Membership193,879 183,692 178,297 
    Gift card programs13,644 14,092 12,080 
Long-term:
    Rewards programs:
   Co-brand marketing & integration7,147 11,895 — 
      Total deferred revenue$270,936 $269,192 $258,122 
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 January 28, 2023:
Thirty-Nine Weeks Ended
October 28, 2023
Rewards programs:
Earned award dollars$34,676 
Royalty revenue17,877 
Co-brand marketing & integration7,467 
Total rewards programs60,020 
Membership174,678 
Gift card programs4,765 
Total revenue$239,463 
(c) Transaction Price Allocated to Remaining Performance Obligations
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.
(d) 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. 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 EndedThirty-Nine Weeks Ended
October 28, 2023October 29, 2022October 28, 2023October 29, 2022
Grocery70 %70 %71 %67 %
General Merchandise and Services10 %10 %10 %11 %
Gasoline and Other20 %20 %19 %22 %
v3.23.3
Debt and Credit Arrangements
 9 Months Ended
Oct. 28, 2023
Debt Disclosure [Abstract]  
Debt and Credit Arrangements Debt and Credit Arrangements
The following table summarizes the Company’s debt (in thousands):
October 28, 2023January 28, 2023October 29, 2022
ABL Revolving Facility$434,000 $405,000 $295,000 
First Lien Term Loan400,000 450,000 601,920 
Unamortized original issue discount and debt issuance costs(1,645)(2,120)(1,797)
Less: Short-term debt(434,000)(405,000)(295,000)
Long-term debt$398,355 $447,880 $600,123 
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, 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 the 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 the Company's 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 October 28, 2023, there was $434.0 million outstanding in loans under the ABL Revolving Facility and $12.3 million in outstanding letters of credit. The interest rate on the ABL Revolving Facility was 6.43% and unused capacity was $753.7 million.
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, extends 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 reduces applicable margin in respect of the interest rate, effective immediately, 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 October 28, 2023, 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 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.
Total fees incurred in connection with the refinancing were approximately $1.7 million. The Company expensed $1.4 million of previously capitalized debt issuance costs and original issue discount and expensed $0.4 million of new third-party fees. The Company deferred $1.3 million of new debt issuance costs.
As of October 28, 2023, there was $400.0 million outstanding under the First Lien Term Loan, which reflects the Company's repayment of $50.0 million of the principal amount outstanding under the First Lien Term Credit Agreement during the third quarter of fiscal year 2023 prior to the Fourth Amendment. There was $450.0 million outstanding on the First Lien Term Loan at January 28, 2023 and $601.9 million outstanding at October 29, 2022. The interest rates were 7.35%, 7.11%, and 5.35% at October 28, 2023, January 28, 2023, and October 29, 2022, respectively.
v3.23.3
Commitments and Contingencies
 9 Months Ended
Oct. 28, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and ContingenciesThe 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.
v3.23.3
Stock Incentive Plans
 9 Months Ended
Oct. 28, 2023
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. Prior to the adoption of the 2018 Plan, the Company granted stock-based compensation to employees and non-employee directors 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 October 28, 2023, there were 4,932,865 shares available for future issuance under the 2018 Plan.
The following table summarizes the Company’s stock award activity during the thirty-nine weeks ended October 28, 2023 (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		SharesWeighted-
Average
Grant
Date Fair
Value
Outstanding, January 28, 20231,788 $20.35 750 $50.10 24 $58.61 854 $45.70 
Granted (a)
— — 329 75.85 22 62.13 503 76.07 
Forfeited/canceled— — (52)64.62 (5)58.61 (40)58.81 
Exercised/vested(126)18.78 (409)43.03 (19)58.61 (640)24.35 
Outstanding, October 28, 20231,662 $20.47 618 $67.28 22 $62.13 677 $58.84 
(a)     Includes 320 incremental Performance Stock awards granted in fiscal year 2020 with a weighted-average grant date fair value of $24.35, that vested in fiscal year 2023 at greater than 100% of target based on performance.
Stock-based compensation expense was $9.4 million and $9.5 million for the thirteen weeks ended October 28, 2023 and October 29, 2022, respectively, and $29.0 million and $28.0 million for the thirty-nine weeks ended October 28, 2023 and October 29, 2022, 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 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 Company's board of directors. The amount of expense recognized related to the ESPP was $0.4 million and $0.3 million for the thirteen weeks ended October 28, 2023 and October 29, 2022, respectively, and $1.1 million and $0.8 million for the thirty-nine weeks ended October 28, 2023 and October 29, 2022, respectively. As of October 28, 2023, there were 2,463,889 shares available for issuance under the ESPP.
v3.23.3
Treasury Shares and Share Repurchase Program
 9 Months Ended
Oct. 28, 2023
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 11,052 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended October 28, 2023, which was recorded as $0.8 million of treasury stock. The Company acquired 24,885 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended October 29, 2022, which was recorded as $1.9 million of treasury stock.
The Company acquired 370,879 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock and performance stock awards in the thirty-nine weeks ended October 28, 2023, which was recorded as $28.1 million of treasury stock. The Company acquired 260,730 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock awards in the thirty-nine weeks ended October 29, 2022, which was recorded as $17.8 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 242,000 shares for $17.1 million and 684,819 shares for $50.1 million during the thirteen weeks ended October 28, 2023 and October 29, 2022, respectively. The Company repurchased 1,161,162 shares for $77.0 million and 1,608,325 shares for $108.7 million during the thirty-nine weeks ended October 28, 2023 and October 29, 2022,
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 October 28, 2023, $241.9 million remained available to purchase under the 2021 Repurchase Program.
v3.23.3
Income Taxes
 9 Months Ended
Oct. 28, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company projects the estimated annual effective tax rate for fiscal year 2023 to be 28.2%, 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 28.1% and 26.8% for the thirteen weeks ended October 28, 2023 and October 29, 2022, respectively. For the thirty-nine weeks ended October 28, 2023 and October 29, 2022, the Company's effective tax rate from continuing operations was and 29.7% and 25.1%, respectively. The increase for both comparative periods was primarily driven by lower tax benefits from stock-based compensation. The increase for the first nine months of fiscal 2023 was also due to an immaterial adjustment to certain deferred tax assets related to prior periods.
The Company is subject to taxation in the U.S. federal and various state taxing jurisdictions. The Company’s tax years from 2018 forward remain open and subject to examination by the Internal Revenue Service and various state taxing authorities.
v3.23.3
Fair Value Measurements
 9 Months Ended
Oct. 28, 2023
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 October 28, 2023 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$434,000 $434,000 
First Lien Term Loan400,000 400,252 
Total Debt$834,000 $834,252 
The gross carrying amount and fair value of the Company’s debt at January 28, 2023 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$405,000 $405,000 
First Lien Term Loan450,000 450,482 
Total Debt$855,000 $855,482 
The gross carrying amount and fair value of the Company’s debt at October 29, 2022 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$295,000 $295,000 
First Lien Term Loan601,920 601,920 
Total Debt$896,920 $896,920 
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company measures certain non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis.
The Company believes that the carrying amounts of its other financial instruments, including cash, accounts receivable, and accounts payable, approximate their fair values due to the short-term maturities of these instruments.
v3.23.3
Earnings Per Share
 9 Months Ended
Oct. 28, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The table below reconciles basic weighted-average shares of common stock outstanding to diluted weighted-average shares of common stock outstanding for the thirteen and thirty-nine weeks ended October 28, 2023 and October 29, 2022 (in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 28, 2023October 29, 2022October 28, 2023October 29, 2022
Weighted-average shares of common stock outstanding, used for basic computation133,069 134,091 133,232 134,225 
Plus: Incremental shares of potentially dilutive securities1,915 2,530 2,106 2,405 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding134,984 136,621 135,338 136,630 
The table below summarizes awards that were excluded from the computation of diluted earnings for the thirteen and thirty-nine weeks ended October 28, 2023 and October 29, 2022, as their inclusion would have been anti-dilutive (in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 28, 2023October 29, 2022October 28, 2023October 29, 2022
Stock-based awards203— 207100
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Oct. 28, 2023
Oct. 29, 2022
Pay vs Performance Disclosure                
Net income $ 130,467 $ 131,325 $ 116,077 $ 129,942 $ 141,007 $ 112,450 $ 377,869 $ 383,396
v3.23.3
Insider Trading Arrangements - shares
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Jul. 29, 2023
Oct. 28, 2023
Trading Arrangements, by Individual      
Non-Rule 10b5-1 Arrangement Adopted false    
Rule 10b5-1 Arrangement Terminated false    
Non-Rule 10b5-1 Arrangement Terminated false    
Paul Cichocki [Member]      
Trading Arrangements, by Individual      
Material Terms of Trading Arrangement     On August 31, 2023, Mr. Paul Cichocki, executive vice president, chief commercial officer of the company, adopted a trading arrangement with respect to the sale of securities of the company’s common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) (a “Rule 10b5-1 Trading Plan”). Mr. Cichocki’s Rule 10b5-1 Trading Plan, which has a term of six months, provides for the sale of up to 179,497 shares of common stock pursuant to the terms of the plan.
Name Mr. Paul Cichocki    
Title executive vice president, chief commercial officer    
Rule 10b5-1 Arrangement Adopted true    
Adoption Date August 31, 2023    
Arrangement Duration 6 months    
Aggregate Available 179,497   179,497
Joseph McGrail [Member]      
Trading Arrangements, by Individual      
Material Terms of Trading Arrangement     On September 11, 2023, Mr. Joseph McGrail, senior vice president, controller of the company, adopted a Rule 10b5-1 Trading Plan. Mr. McGrail’s Rule 10b5-1 Trading Plan, which has a term of six months, provides for the sale of up to 1,000 shares of common stock pursuant to the terms of the plan.
Name Mr. Joseph McGrail    
Title senior vice president, controller of the company    
Rule 10b5-1 Arrangement Adopted true    
Adoption Date September 11, 2023    
Arrangement Duration 6 months    
Aggregate Available 1,000   1,000
Graham Luce [Member]      
Trading Arrangements, by Individual      
Material Terms of Trading Arrangement     On September 21, 2023, Mr. Graham Luce, executive vice president, secretary of the company, adopted a Rule 10b5-1 Trading Plan. Mr. Luce’s Rule 10b5-1 Trading Plan, which has a term of three months, provides for the sale of up to 7,479 shares of common stock pursuant to the terms of the plan.
Name Mr. Graham Luce    
Title executive vice president, secretary of the company    
Rule 10b5-1 Arrangement Adopted true    
Adoption Date September 21, 2023    
Arrangement Duration 3 months    
Aggregate Available 7,479   7,479
Laura Felice [Member]      
Trading Arrangements, by Individual      
Material Terms of Trading Arrangement     Our Quarterly Report on Form 10-Q for the quarter ended July 29, 2023 contained an immaterial clerical error with regard to the number of shares covered by Laura Felice’s Rule 10b5-1 Trading Plan which was adopted on July 12, 2023 and has a term of 11 months. The Rule 10b5-1 Trading Plan provides for the sale of up to 65,727 shares of common stock pursuant to the terms of the plan.
Name   Laura Felice  
Aggregate Available   65,727  
v3.23.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Oct. 28, 2023
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 January 28, 2023 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 2022, as filed with the Securities and Exchange Commission on March 16, 2023.
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 October 28, 2023 and October 29, 2022 are referred to herein as the "third quarter of fiscal year 2023" and the "third quarter of fiscal year 2022," respectively. The thirty-nine week periods ended October 28, 2023 and October 29, 2022 are referred to herein as the "thirty-nine weeks ended October 28, 2023" and the "thirty-nine weeks ended October 29, 2022," respectively. Operating results for the thirteen-week and thirty-nine week periods ended October 28, 2023 are not necessarily indicative of the results that may be expected for the 53-week fiscal year ending February 3, 2024.
Recent Accounting Pronouncements and Policies Recent Accounting Pronouncements and PoliciesThe 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 2022. 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.
v3.23.3
Revenue Recognition (Tables)
 9 Months Ended
Oct. 28, 2023
Revenue from Contract with Customer [Abstract]  
Point of Sale Transactions as a Percentage of Net Sales and Total Revenues
The following table summarizes the Company’s point-of-sale transactions at clubs and gas stations, excluding sales tax, as a percentage of both net sales and total revenues:
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 28, 2023October 29, 2022October 28, 2023October 29, 2022
Point-of-sale transactions, excluding sales tax, as a percent of net sales92 %92 %91 %92 %
Point-of-sale transactions, excluding sales tax, as a percent of total revenues90 %90 %89 %90 %
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:
October 28, 2023January 28, 2023October 29, 2022
Current:
   Rewards programs:
   Earned award dollars$46,816 $34,676 $44,490 
   Royalty revenue5,454 17,877 23,255 
   Co-brand marketing & integration3,996 6,960 — 
   Total rewards programs56,266 59,513 67,745 
    Membership193,879 183,692 178,297 
    Gift card programs13,644 14,092 12,080 
Long-term:
    Rewards programs:
   Co-brand marketing & integration7,147 11,895 — 
      Total deferred revenue$270,936 $269,192 $258,122 
The following table summarizes the Company's revenue recognized during the period that was included in the opening deferred balance as of January 28, 2023:
Thirty-Nine Weeks Ended
October 28, 2023
Rewards programs:
Earned award dollars$34,676 
Royalty revenue17,877 
Co-brand marketing & integration7,467 
Total rewards programs60,020 
Membership174,678 
Gift card programs4,765 
Total revenue$239,463 
Summary of Disaggregation of Revenue
The following table summarizes the Company’s percentage of net sales disaggregated by category:
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 28, 2023October 29, 2022October 28, 2023October 29, 2022
Grocery70 %70 %71 %67 %
General Merchandise and Services10 %10 %10 %11 %
Gasoline and Other20 %20 %19 %22 %
v3.23.3
Debt and Credit Arrangements (Tables)
 9 Months Ended
Oct. 28, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s debt (in thousands):
October 28, 2023January 28, 2023October 29, 2022
ABL Revolving Facility$434,000 $405,000 $295,000 
First Lien Term Loan400,000 450,000 601,920 
Unamortized original issue discount and debt issuance costs(1,645)(2,120)(1,797)
Less: Short-term debt(434,000)(405,000)(295,000)
Long-term debt$398,355 $447,880 $600,123 
v3.23.3
Stock Incentive Plans (Tables)
 9 Months Ended
Oct. 28, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Award Activity
The following table summarizes the Company’s stock award activity during the thirty-nine weeks ended October 28, 2023 (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		SharesWeighted-
Average
Grant
Date Fair
Value
Outstanding, January 28, 20231,788 $20.35 750 $50.10 24 $58.61 854 $45.70 
Granted (a)
— — 329 75.85 22 62.13 503 76.07 
Forfeited/canceled— — (52)64.62 (5)58.61 (40)58.81 
Exercised/vested(126)18.78 (409)43.03 (19)58.61 (640)24.35 
Outstanding, October 28, 20231,662 $20.47 618 $67.28 22 $62.13 677 $58.84 
(a)     Includes 320 incremental Performance Stock awards granted in fiscal year 2020 with a weighted-average grant date fair value of $24.35, that vested in fiscal year 2023 at greater than 100% of target based on performance.
v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Oct. 28, 2023
Fair Value Disclosures [Abstract]  
Gross Carrying Amount and Fair Value of Debt
The gross carrying amount and fair value of the Company’s debt at October 28, 2023 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$434,000 $434,000 
First Lien Term Loan400,000 400,252 
Total Debt$834,000 $834,252 
The gross carrying amount and fair value of the Company’s debt at January 28, 2023 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$405,000 $405,000 
First Lien Term Loan450,000 450,482 
Total Debt$855,000 $855,482 
The gross carrying amount and fair value of the Company’s debt at October 29, 2022 are as follows (in thousands):
Carrying AmountFair Value
ABL Revolving Facility$295,000 $295,000 
First Lien Term Loan601,920 601,920 
Total Debt$896,920 $896,920 
v3.23.3
Earnings Per Share (Tables)
 9 Months Ended
Oct. 28, 2023
Earnings Per Share [Abstract]  
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 thirty-nine weeks ended October 28, 2023 and October 29, 2022 (in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 28, 2023October 29, 2022October 28, 2023October 29, 2022
Weighted-average shares of common stock outstanding, used for basic computation133,069 134,091 133,232 134,225 
Plus: Incremental shares of potentially dilutive securities1,915 2,530 2,106 2,405 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding134,984 136,621 135,338 136,630 
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 thirty-nine weeks ended October 28, 2023 and October 29, 2022, as their inclusion would have been anti-dilutive (in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 28, 2023October 29, 2022October 28, 2023October 29, 2022
Stock-based awards203— 207100
v3.23.3
Description of Business (Details)
Oct. 28, 2023
gas_station
state
store
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of stores | store 238
Number of gas stations | gas_station 169
Number of states in which entity operates | state 20
v3.23.3
Revenue Recognition - Point of Sale Transactions as a Percentage of Net Sales and Total Revenue (Details) - Revenue from Rights Concentration Risk - Point Of Sale Transaction
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Net Sales        
Concentration Risk [Line Items]        
Concentration risk percentage 92.00% 92.00% 91.00% 92.00%
Total Revenue        
Concentration Risk [Line Items]        
Concentration risk percentage 90.00% 90.00% 89.00% 90.00%
v3.23.3
Revenue Recognition - Narrative (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 29, 2023
USD ($)
$ / gal
Oct. 28, 2023
Jan. 28, 2023
USD ($)
$ / gal
Membership      
Revenue, Major Customer [Line Items]      
Percentage of cash back earned     2.00%
Maximum annual cash back amount | $     $ 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%
v3.23.3
Revenue Recognition - Deferred Revenue Relating to Outstanding Performance Obligations (Details) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 28, 2023
Oct. 29, 2022
Disaggregation of Revenue [Line Items]      
Deferred revenue $ 270,936 $ 269,192 $ 258,122
Total rewards programs      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 56,266 59,513 67,745
Earned award dollars      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 46,816 34,676 44,490
Royalty revenue      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 5,454 17,877 23,255
Co-brand marketing & integration      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 3,996 6,960 0
Deferred revenue, non-current 7,147 11,895 0
Membership      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current 193,879 183,692 178,297
Gift card programs      
Disaggregation of Revenue [Line Items]      
Deferred revenue, current $ 13,644 $ 14,092 $ 12,080
v3.23.3
Revenue Recognition - Revenue Recognized (Details)
$ in Thousands
 9 Months Ended
Oct. 28, 2023
USD ($)
Disaggregation of Revenue [Line Items]  
Total revenue $ 239,463
Total rewards programs  
Disaggregation of Revenue [Line Items]  
Total revenue 60,020
Earned award dollars  
Disaggregation of Revenue [Line Items]  
Total revenue 34,676
Royalty revenue  
Disaggregation of Revenue [Line Items]  
Total revenue 17,877
Co-brand marketing & integration  
Disaggregation of Revenue [Line Items]  
Total revenue 7,467
Membership  
Disaggregation of Revenue [Line Items]  
Total revenue 174,678
Gift card programs  
Disaggregation of Revenue [Line Items]  
Total revenue $ 4,765
v3.23.3
Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details)
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Grocery        
Disaggregation of Revenue [Line Items]        
Net sales percentage 70.00% 70.00% 71.00% 67.00%
General Merchandise and Services        
Disaggregation of Revenue [Line Items]        
Net sales percentage 10.00% 10.00% 10.00% 11.00%
Gasoline and Other        
Disaggregation of Revenue [Line Items]        
Net sales percentage 20.00% 20.00% 19.00% 22.00%
v3.23.3
Debt and Credit Arrangements - Debt Components (Details) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 28, 2023
Oct. 29, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount $ 834,000 $ 855,000 $ 896,920
Unamortized original issue discount and debt issuance costs (1,645) (2,120) (1,797)
Less: Short-term debt (434,000) (405,000) (295,000)
Long-term debt 398,355 447,880 600,123
ABL Revolving Facility      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount 434,000 405,000 295,000
First Lien Term Loan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount $ 400,000 $ 450,000 $ 601,920
v3.23.3
Debt and Credit Arrangements - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 12, 2023
USD ($)
Oct. 11, 2023
Jul. 28, 2022
USD ($)
Oct. 28, 2023
USD ($)
Oct. 28, 2023
USD ($)
Oct. 29, 2022
USD ($)
Jan. 28, 2023
USD ($)
Jan. 05, 2023
Debt Instrument [Line Items]                
Amount outstanding       $ 834,000 $ 834,000 $ 896,920 $ 855,000  
Amortization of debt issuance costs and accretion of original issue discount         900 2,282    
Debt issuance costs and original issue discount       1,645 1,645 1,797 2,120  
ABL Revolving Facility                
Debt Instrument [Line Items]                
Amount outstanding       434,000 434,000 295,000 405,000  
First Lien Term Loan                
Debt Instrument [Line Items]                
Amount outstanding       400,000 400,000 601,920 450,000  
Revolving Credit Facility | ABL Revolving Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity     $ 1,200,000          
Commitment fee percentage     0.20%          
Amount outstanding       $ 434,000 $ 434,000      
Interest rate at end of period       6.43% 6.43%      
Unused capacity       $ 753,700 $ 753,700      
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 | Secured Overnight Financing Rate (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 | Secured Overnight Financing Rate (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]                
Amount outstanding       12,300 12,300      
Term Loan | First Lien Term Loan | Line of Credit                
Debt Instrument [Line Items]                
Amount outstanding       400,000 $ 400,000 $ 601,900 $ 450,000  
Net leverage ratio               0.0350
Fees associated with refinancing $ 1,700              
Amortization of debt issuance costs and accretion of original issue discount 1,400              
Third-party fees 400              
Debt issuance costs and original issue discount $ 1,300              
Repayments of debt       $ 50,000        
Effective interest rate       7.35% 7.35% 5.35% 7.11%  
Term Loan | First Lien Term Loan | Line of Credit | Secured Overnight Financing Rate (SOFR)                
Debt Instrument [Line Items]                
Basis spread on variable rate 2.00% 2.75%            
v3.23.3
Stock Incentive Plans - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Jun. 14, 2018
Jun. 13, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock-based compensation expense $ 9.4 $ 9.5 $ 29.0 $ 28.0    
The 2018 Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Shares authorized for issuance (in shares)           13,148,058
The 2011 Plan and 2012 Director Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Shares reserved for issuance (in shares)           985,369
Shares available for future issuance (in shares) 4,932,865   4,932,865      
Employee Stock Purchase Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Shares reserved for issuance (in shares) 2,463,889   2,463,889      
Stock-based compensation expense $ 0.4 $ 0.3 $ 1.1 $ 0.8    
Shares reserved for issuance (in shares)         973,014  
Shares reserved for issuance, annual increase (in shares)         486,507  
Shares reserved for issuance, annual increase percentage         0.50%  
v3.23.3
Stock Incentive Plans - Stock Award Activity (Details)
shares in Thousands
 9 Months Ended
Oct. 28, 2023
$ / shares
shares
Stock Options  
Shares  
Outstanding (in shares) | shares 1,788
Granted (in shares) | shares 0
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares (126)
Outstanding (in shares) | shares 1,662
Weighted- Average Exercise Price  
Outstanding (in USD per share) | $ / shares $ 20.35
Granted (in USD per share) | $ / shares 0
Forfeited/canceled (in USD per share) | $ / shares 0
Exercised/vested (in USD per share) | $ / shares 18.78
Outstanding (in USD per share) | $ / shares $ 20.47
Restricted Stock  
Shares  
Outstanding (in shares) | shares 750
Granted (in shares) | shares 329
Forfeited/canceled (in shares) | shares (52)
Exercised/vested (in shares) | shares (409)
Outstanding (in shares) | shares 618
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 50.10
Granted (in USD per share) | $ / shares 75.85
Forfeited/canceled (in USD per share) | $ / shares 64.62
Exercised/vested (in USD per share) | $ / shares 43.03
Outstanding (in USD per share) | $ / shares $ 67.28
Restricted Stock Units (RSUs) [Member]  
Shares  
Outstanding (in shares) | shares 24
Granted (in shares) | shares 22
Forfeited/canceled (in shares) | shares (5)
Exercised/vested (in shares) | shares (19)
Outstanding (in shares) | shares 22
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 58.61
Granted (in USD per share) | $ / shares 62.13
Forfeited/canceled (in USD per share) | $ / shares 58.61
Exercised/vested (in USD per share) | $ / shares 58.61
Outstanding (in USD per share) | $ / shares $ 62.13
Performance Stock  
Shares  
Outstanding (in shares) | shares 854
Granted (in shares) | shares 503
Forfeited/canceled (in shares) | shares (40)
Exercised/vested (in shares) | shares (640)
Outstanding (in shares) | shares 677
Weighted- Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 45.70
Granted (in USD per share) | $ / shares 76.07
Forfeited/canceled (in USD per share) | $ / shares 58.81
Exercised/vested (in USD per share) | $ / shares 24.35
Outstanding (in USD per share) | $ / shares $ 58.84
Performance Stock, Vested at Greater than 100% of Target  
Shares  
Granted (in shares) | shares 320
Weighted- Average Grant Date Fair Value  
Granted (in USD per share) | $ / shares $ 24.35
Performance target (greater than) 100.00%
v3.23.3
Treasury Shares and Share Repurchase Program (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Oct. 28, 2023
Oct. 29, 2022
Nov. 16, 2021
Equity [Abstract]                  
Shares reacquired to satisfy tax withholding obligations (in shares) 11,052     24,885     370,879 260,730  
Shares reacquired to satisfy tax withholding obligations $ 800     $ 1,900     $ 28,100 $ 17,800  
Equity, Class of Treasury Stock [Line Items]                  
Shares repurchased $ 17,873 $ 44,902 $ 42,369 $ 51,965 $ 23,188 $ 51,342      
2021 Repurchase Program                  
Equity, Class of Treasury Stock [Line Items]                  
Share repurchase program, amount authorized                 $ 500,000
Shares repurchased (in shares) 242,000     684,819     1,161,162 1,608,325  
Shares repurchased $ 17,100     $ 50,100     $ 77,000 $ 108,700  
Share repurchase program, amount remaining available $ 241,900           $ 241,900    
v3.23.3
Income Taxes (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Feb. 03, 2024
Income Tax Contingency [Line Items]          
Effective tax rate 28.10% 26.80% 29.70% 25.10%  
Forecast          
Income Tax Contingency [Line Items]          
Effective tax rate         28.20%
v3.23.3
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Oct. 28, 2023
Jan. 28, 2023
Oct. 29, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 834,000 $ 855,000 $ 896,920
Fair Value 834,252 855,482 896,920
ABL Revolving Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 434,000 405,000 295,000
Fair Value 434,000 405,000  
ABL Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount     295,000
Fair Value     295,000
First Lien Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 400,000 450,000 601,920
Fair Value $ 400,252 $ 450,482 $ 601,920
v3.23.3
Earnings Per Share - Basic and Diluted Weighted-Average Shares of Common Stock Outstanding (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Earnings Per Share [Abstract]        
Weighted-average shares of common stock outstanding, used for basic computation (in shares) 133,069 134,091 133,232 134,225
Plus: Incremental shares of potentially dilutive securities:        
Plus: Incremental shares of potentially dilutive securities (in shares) 1,915 2,530 2,106 2,405
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding (in shares) 134,984 136,621 135,338 136,630
v3.23.3
Earnings Per Share - Anti-Dilutive Restricted Shares and Stock Options (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
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) 203 0 207 100