BJ'S WHOLESALE CLUB HOLDINGS, INC., 10-Q filed on 5/27/2022
Quarterly Report
v3.22.1
Cover - shares
 3 Months Ended
Apr. 30, 2022
May 20, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Apr. 30, 2022  
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 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 $0.01  
Trading Symbol BJ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   135,181,838
Entity Central Index Key 0001531152  
Amendment Flag false  
Current Fiscal Year End Date --01-28  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2022  
v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 29, 2022
May 01, 2021
Current assets:      
Cash and cash equivalents $ 37,952 $ 45,436 $ 62,954
Accounts receivable, net 210,405 173,951 197,991
Merchandise inventories 1,462,098 1,242,935 1,120,334
Prepaid expenses and other current assets 58,814 54,734 54,258
Total current assets 1,769,269 1,517,056 1,435,537
Operating lease right-of-use assets, net 2,177,777 2,131,986 2,119,629
Property and equipment, net 989,658 942,331 815,303
Goodwill 924,134 924,134 924,134
Intangibles, net 122,332 124,640 132,502
Deferred income taxes 4,595 5,507 3,349
Other assets 22,240 23,240 18,752
Total assets 6,010,005 5,668,894 5,449,206
Current liabilities:      
Current portion of long-term debt 80,000 0 210,000
Current portion of operating lease liabilities 169,423 141,453 132,869
Accounts payable 1,267,102 1,112,783 1,023,140
Accrued expenses and other current liabilities 692,530 748,245 669,924
Total current liabilities 2,209,055 2,002,481 2,035,933
Long-term operating lease liabilities 2,107,532 2,059,760 2,050,950
Long-term debt 748,987 748,568 747,311
Deferred income taxes 58,511 52,850 45,529
Other non-current liabilities 164,578 157,127 155,959
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, 145,941 shares issued and 135,195 outstanding at April 30, 2022; 145,451 shares issued and 135,506 outstanding at January 29, 2022; and 144,018 shares issued and 137,240 outstanding at May 1, 2021 1,459 1,454 1,440
Additional paid-in capital 914,120 902,704 855,168
Accumulated earnings (deficit) 243,763 131,313 (213,760)
Accumulated other comprehensive income (loss) 2,010 1,305 (12,676)
Treasury stock, at cost, 10,746 shares at April 30, 2022; 9,945 shares at January 29, 2022; and 6,778 shares at May 1, 2021 (440,010) (388,668) (216,648)
Total stockholders’ equity 721,342 648,108 413,524
Total liabilities and stockholders’ equity $ 6,010,005 $ 5,668,894 $ 5,449,206
v3.22.1
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Apr. 30, 2022
Jan. 29, 2022
May 01, 2021
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) 145,941,000 145,451,000 144,018,000
Common stock, outstanding (in shares) 135,195,000 135,506,000 137,240,000
Treasury stock (in shares) 10,746,000 9,945,000 6,778,000
v3.22.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Total revenues $ 4,496,435 $ 3,868,222
Cost of sales 3,705,838 3,141,497
Selling, general and administrative expenses 635,380 599,910
Pre-opening expense 4,900 561
Operating income 150,317 126,254
Interest expense, net 7,841 19,285
Income from continuing operations before income taxes 142,476 106,969
Provision for income taxes 30,019 25,383
Income from continuing operations 112,457 81,586
Loss from discontinued operations, net of income taxes (7) (7)
Net income $ 112,450 $ 81,579
Income per share attributable to common stockholders—basic:    
Income from continuing operations (in USD per share) $ 0.84 $ 0.60
Loss from discontinued operations (in USD per share) 0 0
Net income (in USD per share) 0.84 0.60
Income per share attributable to common stockholders—diluted:    
Income from continuing operations (in USD per share) 0.82 0.59
Loss from discontinued operations (in USD per share) 0 0
Net income (in USD per share) $ 0.82 $ 0.59
Weighted average shares of common stock outstanding:    
Basic (in shares) 134,244,223 135,708,783
Diluted (in shares) 136,701,961 138,661,964
Other comprehensive income:    
Amounts released from other comprehensive income, net of tax $ 117 $ 4,665
Unrealized gain on cash flow hedge, net of income tax provision of $229 and $1,240, respectively 588 3,187
Total other comprehensive income 705 7,852
Total comprehensive income 113,155 89,431
Net sales    
Total revenues 4,399,810 3,781,834
Membership    
Total revenues $ 96,625 $ 86,388
v3.22.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Income Statement [Abstract]    
Unrealized gain (loss) on cash flow hedge, tax provision (benefit) $ 229 $ 1,240
v3.22.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Earnings
Accumulated Other Comprehensive Income
Treasury Stock
Balance at beginning of period (in shares) at Jan. 30, 2021   143,428       (6,236)
Balance at beginning of period at Jan. 30, 2021 $ 319,327 $ 1,434 $ 826,377 $ (295,339) $ (20,528) $ (192,617)
Net income 81,579     81,579    
Amounts released from other comprehensive income, net of tax 4,665       4,665  
Unrealized gain (loss) on cash flow hedge, net of tax 3,187       3,187  
Common stock issued under stock incentive plans (in shares)   590        
Common stock issued under stock incentive plans 0 $ 6 (6)      
Stock compensation expense 27,300   27,300      
Net cash received on option exercises 1,497   1,497      
Treasury stock purchases (in shares)           (542)
Treasury stock purchases (24,031)         $ (24,031)
Balance at end of period (in shares) at May. 01, 2021   144,018       (6,778)
Balance at end of period at May. 01, 2021 413,524 $ 1,440 855,168 (213,760) (12,676) $ (216,648)
Balance at beginning of period (in shares) at Jan. 29, 2022   145,451       (9,945)
Balance at beginning of period at Jan. 29, 2022 648,108 $ 1,454 902,704 131,313 1,305 $ (388,668)
Net income 112,450     112,450    
Amounts released from 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 compensation expense 9,115   9,115      
Net cash received on option exercises 2,306   2,306      
Treasury stock purchases (in shares)           (801)
Treasury stock purchases (51,342)         $ (51,342)
Balance at end of period (in shares) at Apr. 30, 2022   145,941       (10,746)
Balance at end of period at Apr. 30, 2022 $ 721,342 $ 1,459 $ 914,120 $ 243,763 $ 2,010 $ (440,010)
v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 112,450 $ 81,579
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 47,109 44,386
Amortization of debt issuance costs and accretion of original issue discount 832 891
Debt extinguishment charges 0 657
Stock-based compensation expense 9,115 27,300
Deferred income tax (benefit) provision 6,299 (233)
Changes in operating leases and other non-cash items 29,892 1,200
Increase (decrease) in cash due to changes in:    
Accounts receivable (36,454) (25,272)
Merchandise inventories (219,163) 85,361
Prepaid expenses and other current assets (3,566) (2,180)
Other assets 587 1,302
Accounts payable 154,319 35,066
Accrued expenses and other current liabilities (58,780) 13,127
Other non-current liabilities 1,668 (14,219)
Net cash provided by operating activities 44,308 248,965
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property and equipment, net of disposals (90,533) (74,690)
Proceeds from sale leaseback transactions 0 16,630
Net cash used in investing activities (90,533) (58,060)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on First Lien Term Loan 0 (100,000)
Proceeds from ABL Facility 115,000 0
Payments on ABL Facility (35,000) (50,000)
Net cash received from stock option exercises 2,306 1,497
Acquisition of treasury stock (51,342) (24,031)
Proceeds from financing obligations 8,072 1,333
Other financing activities (295) (268)
Net cash provided by (used in) financing activities 38,741 (171,469)
Net increase (decrease) in cash and cash equivalents (7,484) 19,436
Cash and cash equivalents at beginning of period 45,436 43,518
Cash and cash equivalents at end of period 37,952 62,954
Supplemental cash flow information:    
Interest paid 6,993 12,021
Income taxes paid 10,925 5,668
Non-cash financing and investing activities:    
Lease liabilities arising from obtaining right-of-use assets 123,339 101,222
Property additions included in accrued expenses $ 23,974 $ 13,515
v3.22.1
Description of Business
 3 Months Ended
Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
BJ’s Wholesale Club Holdings, Inc. and its wholly-owned subsidiaries is a leading warehouse club operator primarily on the east coast of the United States. As of April 30, 2022, the Company operated 227 warehouse clubs and 159 gas stations in 17 states.
The Company follows and reports based on the National Retail Federation’s fiscal calendar. The thirteen week periods ended April 30, 2022 and May 1, 2021 are referred to herein as the "first quarter of fiscal year 2022" and the "first quarter of fiscal year 2021," 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.

On May 2, 2022, the Company closed the previously announced acquisition of the assets and operations of four distribution centers and the related private transportation fleet from Burris Logistics, LLC. The Company financed the purchase price with a combination of available cash and borrowings under the Company’s ABL Facility.
v3.22.1
Summary of Significant Accounting Policies
 3 Months Ended
Apr. 30, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies 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 GAAP. 
The condensed consolidated balance sheet as of January 29, 2022 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the first quarter of fiscal year 2022 are not necessarily indicative of future results or results to be expected for fiscal year 2022. 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 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 2021, as filed with the Securities and Exchange Commission on March 17, 2022.
Recently Adopted Accounting Pronouncements
The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2021 included in its Annual Report on Form 10-K for the fiscal year 2021. There have been no material changes to these accounting policies and no material pronouncements adopted.
v3.22.1
Revenue Recognition
 3 Months Ended
Apr. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition 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. 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 on the shelf sign, 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 shipping
point. 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
April 30, 2022May 1, 2021
Point of sale transactions, excluding sales tax, as a percent of net sales
92%
93%
Point of sale transactions, excluding sales tax, as a percent of total revenues
90%
91%
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 on the Company’s website or app. 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 $32.5 million at April 30, 2022, $30.3 million at January 29, 2022 and $24.8 million at May 1, 2021.
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 $29.2 million, $17.8 million and $18.0 million at April 30, 2022, January 29, 2022 and May 1, 2021, respectively. The timing of revenue recognition is driven by actual customer activities, such as redemptions and expirations. As of April 30, 2022, the Company expects to recognize substantially all of the $29.2 million by the end of fiscal year 2022.
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 app and purchase gasoline at the Company’s gas stations for the duration of the membership, which is generally 12 months. As the Company has the obligation to provide access to its clubs, website, app 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 $185.2 million, $174.9 million and $167.8 million at April 30, 2022, January 29, 2022 and May 1, 2021, 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 as 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 $11.2 million, $11.8 million and $9.6 million at April 30, 2022, January 29, 2022 and May 1, 2021, respectively. The Company recognized $10.5 million and $8.8 million of revenue from gift card redemptions in the first quarter of fiscal year 2022 and first quarter of fiscal year 2021, respectively.
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 Ended
April 30, 2022May 1, 2021
Grocery67 %72 %
General Merchandise & Services11 %15 %
Gasoline and Other22 %13 %
v3.22.1
Debt and Credit Arrangements
 3 Months Ended
Apr. 30, 2022
Debt Disclosure [Abstract]  
Debt and Credit Arrangements Debt and Credit Arrangements
The following table summarizes the Company’s debt (in thousands):
April 30, 2022January 29, 2022May 1, 2021
ABL Facility$130,000 $50,000 $260,000 
First Lien Term Loan701,920 701,920 701,920 
Unamortized debt discount and debt issuance cost(2,933)(3,352)(4,609)
Less: current portion(80,000)— (210,000)
Long-term debt$748,987 $748,568 $747,311 
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. Payment terms on the $50.0 million term loan 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. 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 agreement governing the ABL Facility. 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.
At April 30, 2022, there were $130.0 million outstanding in loans under the ABL Facility and $10.9 million in outstanding letters of credit. The interest rate on the revolving credit facility was 1.89%, the interest rate of the term loan was 2.45% and unused capacity was $859.1 million.
At January 29, 2022, there were $50.0 million outstanding in loans under the ABL Facility and $12.7 million in outstanding letters of credit. The interest rate on the revolving credit facility was 1.23%, the interest rate of the term loan was 2.10% and unused capacity was $886.9 million.
At May 1, 2021, there were $260.0 million outstanding in loans under the ABL Facility and $15.5 million in outstanding letters of credit. The interest rate on the revolving credit facility was 1.24%, the interest rate of the term loan was 2.11% and unused capacity was $650.4 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 April 30, 2021, the Company used $100.0 million of cash and cash equivalents to pay $100.0 million of the principal amount outstanding 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 outstanding on the First Lien Term Loan at April 30, 2022, January 29, 2022 and May 1, 2021. Interest rates for the First Lien Term Loan were 2.52%, 2.11% and 2.11% at April 30, 2022, January 29, 2022 and May 1, 2021, respectively.
v3.22.1
Commitments and Contingencies
 3 Months Ended
Apr. 30, 2022
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.
v3.22.1
Stock Incentive Plans
 3 Months Ended
Apr. 30, 2022
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 April 30, 2022, there were 5,310,185 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 April 30, 2022 (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 29, 20222,282 $19.68 1,053 $34.36 26 $46.82 674 $39.76 
Granted— — 291 67.63 — — 181 67.63 
Forfeited/canceled— — (7)38.21 — — — — 
Exercised/vested(207)11.16 (518)30.55 — — — — 
Outstanding, April 30, 20222,075 $20.53 819 $48.55 26 $46.82 855 $45.67 
Stock-based compensation expense was $9.1 million and $27.3 million for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. Stock-based compensation expense in the thirteen weeks ended May 1, 2021 included $17.5 million of stock-based compensation related to the modification of stock awards associated with the passing of a former executive.
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 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 board of directors. The offering under the ESPP commenced on January 1, 2019. The amount of expense recognized for the thirteen weeks ended April 30, 2022 and May 1, 2021 was $0.2 million and $0.1 million, respectively. As of April 30, 2022, there were 2,128,365 shares available for issuance under the ESPP.
v3.22.1
Treasury Shares and Share Repurchase Program
 3 Months Ended
Apr. 30, 2022
Equity [Abstract]  
Treasury Shares and Share Repurchase Program Treasury Shares and Share Repurchase Program
Treasury Shares Acquired on Restricted Stock Awards
The Company acquired 229,900 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended April 30, 2022, which were recorded as $15.5 million of treasury stock. The Company acquired 226,404 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended May 1, 2021, which were recorded as $10.0 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"), effective immediately, 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 options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value.
The Company repurchased 570,506 shares for $35.8 million during the thirteen weeks ended April 30, 2022. As of April 30, 2022, $435.4 million remained available to purchase under the 2021 Repurchase Program.
v3.22.1
Income Taxes
 3 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe 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 2022 to be 27.2%, 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 21.1% and 23.7% for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. The decrease in the effective tax rate for the thirteen weeks ended April 30, 2022 compared to the thirteen weeks ended May 1, 2021 is due primarily to higher excess tax benefits from stock-based compensation in the current year period.
The Company is subject to taxation in the U.S. federal and various state taxing jurisdictions. The Company’s tax years from 2017 forward remain open and subject to examination by the Internal Revenue Service and various state taxing authorities.
v3.22.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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 April 30, 2022 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $701,323 
ABL Facility130,000 130,000 
Total Debt$831,920 $831,323 
The gross carrying amount and fair value of the Company’s debt at January 29, 2022 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $702,053 
ABL Facility50,000 50,000 
Total Debt$751,920 $752,053 
The gross carrying amount and fair value of the Company’s debt at May 1, 2021 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $701,042 
ABL Facility260,000 260,000 
Total Debt$961,920 $961,042 
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.
v3.22.1
Earnings Per Share
 3 Months Ended
Apr. 30, 2022
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 weeks ended April 30, 2022 and May 1, 2021:
Thirteen Weeks Ended
April 30, 2022May 1, 2021
Weighted-average shares of common stock outstanding, used for basic computation134,244,223 135,708,783 
Plus: Incremental shares of potentially dilutive securities2,457,738 2,953,181 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding136,701,961 138,661,964 
The table below summarizes restricted shares that were excluded from the computation of diluted earnings for the thirteen weeks ended April 30, 2022 and May 1, 2021, as their inclusion would have been anti-dilutive:
Thirteen Weeks Ended
April 30, 2022May 1, 2021
Restricted shares95,627 112,759 
v3.22.1
Derivative Financial Instruments
 3 Months Ended
Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments 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 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. The Company elected hedge accounting for the interest rate swap agreements, and as such, the effective portion of the gains or losses were recorded as a component of other comprehensive income and the ineffective portion of gains or losses were 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 outstanding 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 into earnings on the ineffective interest rate swap agreements and released $4.7 million recorded in other comprehensive income to interest expense, net of tax.
On July 30, 2021, the Company used $210.0 million of its cash and cash equivalents to pay $210.0 million of the principal amount outstanding on the ABL Facility. The Company accelerated the release of unrealized losses into earnings on the ineffective interest rate swap agreements and released $3.5 million recorded in other comprehensive income to interest expense, net of tax.
The interest rate swaps expired in February 2022. There was no liability recorded as of April 30, 2022 and $2.2 million and $20.2 million recorded at January 29, 2022 and May 1, 2021, respectively. The net of tax amount for the effective and ineffective interest rate swaps were recorded in other comprehensive income and interest expense, respectively.
There were gains of $0.8 million and $4.4 million recorded in other comprehensive income for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. The ineffective portion of gains of $0.3 million and $1.8 million for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively, were recorded in interest expense.
The fair values of derivative instruments included on the condensed consolidated balance sheets are as follows (in thousands):
Fair Value at
Accounting
for Cash Flow Hedges		Notional AmountFixed RateBalance Sheet ClassificationApril 30, 2022January 29, 2022May 1, 2021
Interest rate swap$600,000 3.00 %Other current liabilities$— $(1,540)$(14,453)
Interest rate swap360,000 3.00 %Other current liabilities— — — 
Interest rate swap240,000 3.00 %Other current liabilities— (616)(5,777)
Net carrying amount$1,200,000 Total liabilities$— $(2,156)$(20,230)
v3.22.1
Subsequent Event
 3 Months Ended
Apr. 30, 2022
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On May 2, 2022, the Company completed its acquisition of the assets and operations of four distribution centers and the related private transportation fleet from Burris Logistics, LLC to bring its end-to-end supply chain in-house.

The total consideration paid by the Company in connection with the acquisition was approximately $377 million, inclusive of approximately $90 million of inventory and other working capital adjustments, subject to certain customary post-closing adjustments and excluding transaction costs. The Company recorded transaction costs related to the acquisition of $7.9 million during the three months ended April 30, 2022. These costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income.
v3.22.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Apr. 30, 2022
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 29, 2022 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the first quarter of fiscal year 2022 are not necessarily indicative of future results or results to be expected for fiscal year 2022. 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 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 2021, as filed with the Securities and Exchange Commission on March 17, 2022.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2021 included in its Annual Report on Form 10-K for the fiscal year 2021. There have been no material changes to these accounting policies and no material pronouncements adopted.
v3.22.1
Revenue Recognition (Tables)
 3 Months Ended
Apr. 30, 2022
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
April 30, 2022May 1, 2021
Point of sale transactions, excluding sales tax, as a percent of net sales
92%
93%
Point of sale transactions, excluding sales tax, as a percent of total revenues
90%
91%
Disaggregation of revenue
The following table summarizes the Company’s percentage of net sales disaggregated by category:
Thirteen Weeks Ended
April 30, 2022May 1, 2021
Grocery67 %72 %
General Merchandise & Services11 %15 %
Gasoline and Other22 %13 %
v3.22.1
Debt and Credit Arrangements (Tables)
 3 Months Ended
Apr. 30, 2022
Debt Disclosure [Abstract]  
Schedule of debt
The following table summarizes the Company’s debt (in thousands):
April 30, 2022January 29, 2022May 1, 2021
ABL Facility$130,000 $50,000 $260,000 
First Lien Term Loan701,920 701,920 701,920 
Unamortized debt discount and debt issuance cost(2,933)(3,352)(4,609)
Less: current portion(80,000)— (210,000)
Long-term debt$748,987 $748,568 $747,311 
v3.22.1
Stock Incentive Plans (Tables)
 3 Months Ended
Apr. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock award activity
The following table summarizes the Company’s stock award activity during the thirteen weeks ended April 30, 2022 (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 29, 20222,282 $19.68 1,053 $34.36 26 $46.82 674 $39.76 
Granted— — 291 67.63 — — 181 67.63 
Forfeited/canceled— — (7)38.21 — — — — 
Exercised/vested(207)11.16 (518)30.55 — — — — 
Outstanding, April 30, 20222,075 $20.53 819 $48.55 26 $46.82 855 $45.67 
v3.22.1
Fair Value Measurements (Tables)
 3 Months Ended
Apr. 30, 2022
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 April 30, 2022 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $701,323 
ABL Facility130,000 130,000 
Total Debt$831,920 $831,323 
The gross carrying amount and fair value of the Company’s debt at January 29, 2022 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $702,053 
ABL Facility50,000 50,000 
Total Debt$751,920 $752,053 
The gross carrying amount and fair value of the Company’s debt at May 1, 2021 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $701,042 
ABL Facility260,000 260,000 
Total Debt$961,920 $961,042 
v3.22.1
Earnings Per Share (Tables)
 3 Months Ended
Apr. 30, 2022
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 weeks ended April 30, 2022 and May 1, 2021:
Thirteen Weeks Ended
April 30, 2022May 1, 2021
Weighted-average shares of common stock outstanding, used for basic computation134,244,223 135,708,783 
Plus: Incremental shares of potentially dilutive securities2,457,738 2,953,181 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding136,701,961 138,661,964 
Anti-dilutive restricted shares and stock options
The table below summarizes restricted shares that were excluded from the computation of diluted earnings for the thirteen weeks ended April 30, 2022 and May 1, 2021, as their inclusion would have been anti-dilutive:
Thirteen Weeks Ended
April 30, 2022May 1, 2021
Restricted shares95,627 112,759 
v3.22.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair values of derivative instruments by balance sheet location
The fair values of derivative instruments included on the condensed consolidated balance sheets are as follows (in thousands):
Fair Value at
Accounting
for Cash Flow Hedges		Notional AmountFixed RateBalance Sheet ClassificationApril 30, 2022January 29, 2022May 1, 2021
Interest rate swap$600,000 3.00 %Other current liabilities$— $(1,540)$(14,453)
Interest rate swap360,000 3.00 %Other current liabilities— — — 
Interest rate swap240,000 3.00 %Other current liabilities— (616)(5,777)
Net carrying amount$1,200,000 Total liabilities$— $(2,156)$(20,230)
v3.22.1
Description of Business (Details)
May 02, 2022
distribution_center
Apr. 30, 2022
state
store
gas_station
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of stores | store   227
Number of gas stations | gas_station   159
Number of states in which entity operates | state   17
Subsequent Event | Burris Logistics    
Subsequent Event [Line Items]    
Number of distribution centers acquired | distribution_center 4  
v3.22.1
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
Apr. 30, 2022
May 01, 2021
Net sales    
Concentration Risk [Line Items]    
Concentration risk percentage 92.00% 93.00%
Total revenue    
Concentration Risk [Line Items]    
Concentration risk percentage 90.00% 91.00%
v3.22.1
Revenue Recognition - Narrative (Details) - USD ($)
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Jan. 29, 2022
Revenue, Major Customer [Line Items]      
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 the form of electronic awards issued $ 10    
Award liability 32,500,000 $ 24,800,000 $ 30,300,000
Remaining performance obligation 29,200,000 18,000,000 17,800,000
Revenue $ 4,496,435,000 3,868,222,000  
Membership      
Revenue, Major Customer [Line Items]      
Membership fee term 12 months    
Deferred revenue related to membership fees $ 185,200,000 167,800,000 174,900,000
Revenue 96,625,000 86,388,000  
Gift Card Programs      
Revenue, Major Customer [Line Items]      
Deferred revenue related to membership fees 11,200,000 9,600,000 $ 11,800,000
Revenue $ 10,500,000 $ 8,800,000  
v3.22.1
Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details)
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Grocery    
Disaggregation of Revenue [Line Items]    
Net sales percentage 67.00% 72.00%
General Merchandise & Services    
Disaggregation of Revenue [Line Items]    
Net sales percentage 11.00% 15.00%
Gasoline and Other    
Disaggregation of Revenue [Line Items]    
Net sales percentage 22.00% 13.00%
v3.22.1
Debt and Credit Arrangements - Debt Components (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 29, 2022
May 01, 2021
Carrying Amount $ 831,920 $ 751,920 $ 961,920
Unamortized debt discount and debt issuance cost (2,933) (3,352) (4,609)
Less: current portion (80,000) 0 (210,000)
Long-term debt 748,987 748,568 747,311
ABL Facility      
Carrying Amount 130,000 50,000 260,000
First Lien Term Loan      
Carrying Amount $ 701,920 $ 701,920 $ 701,920
v3.22.1
Debt and Credit Arrangements - Narrative (Details)
 3 Months Ended
Jul. 30, 2021
USD ($)
Apr. 30, 2021
USD ($)
Apr. 30, 2022
USD ($)
May 01, 2021
USD ($)
Jan. 29, 2022
USD ($)
Carrying amount     $ 831,920,000 $ 961,920,000 $ 751,920,000
Amortization of debt issuance costs and accretion of original issue discount     832,000 891,000  
ABL Facility          
Carrying amount     130,000,000 $ 260,000,000 $ 50,000,000
Repayments of debt $ 210,000,000        
ABL Facility | Term Loan          
Principal amount     $ 50,000,000    
Minimum net leverage ratio for interest rate adjustment     3.00    
Stated interest rate     2.45% 2.11% 2.10%
Repayments of debt   $ 50,000,000      
ABL Facility | Term Loan | London Interbank Offered Rate (LIBOR)          
Decrease in basis spread on variable rate upon achievement of certain net leverage ratio     0.125%    
ABL Facility | Term Loan | London Interbank Offered Rate (LIBOR) | Minimum          
Basis spread on variable rate     2.00%    
ABL Facility | Term Loan | London Interbank Offered Rate (LIBOR) | Maximum          
Basis spread on variable rate     2.50%    
ABL Facility | Term Loan | Base Rate | Minimum          
Basis spread on variable rate     1.00%    
ABL Facility | Term Loan | Base Rate | Maximum          
Basis spread on variable rate     1.50%    
ABL Facility | Revolving Credit Facility          
Maximum borrowing capacity     $ 950,000,000    
Carrying amount     $ 130,000,000 $ 260,000,000 $ 50,000,000
Interest rate at end of period     1.89% 1.24% 1.23%
Unused capacity     $ 859,100,000 $ 650,400,000 $ 886,900,000
ABL Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum          
Basis spread on variable rate     1.25%    
ABL Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum          
Basis spread on variable rate     1.75%    
ABL Facility | Revolving Credit Facility | Base Rate | Minimum          
Basis spread on variable rate     0.25%    
ABL Facility | Revolving Credit Facility | Base Rate | Maximum          
Basis spread on variable rate     0.75%    
ABL Facility | Letter of Credit          
Carrying amount     $ 10,900,000 15,500,000 12,700,000
First Lien Term Loan          
Minimum net leverage ratio for interest rate adjustment     3.50    
Carrying amount     $ 701,920,000 $ 701,920,000 $ 701,920,000
Repayments of debt   100,000,000      
Amortization of debt issuance costs and accretion of original issue discount   $ 700,000      
Effective interest rate     2.52% 2.11% 2.11%
v3.22.1
Stock Incentive Plans - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Jun. 14, 2018
Jun. 13, 2018
Stock-based compensation expense $ 9.1 $ 27.3    
Chief Executive Officer        
Stock-based compensation expense, modification of stock awards $ 17.5      
The 2018 Plan        
Shares authorized for issuance (in shares)       13,148,058
The 2011 Plan and 2012 Director Plan        
Shares reserved for issuance (in shares)       985,369
Shares available for future issuance (in shares) 5,310,185      
Employee Stock Purchase Plan        
Shares reserved for issuance (in shares) 2,128,365      
Stock-based compensation expense $ 0.2 $ 0.1    
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%  
v3.22.1
Stock Incentive Plans - Stock Award Activity (Details)
shares in Thousands
 3 Months Ended
Apr. 30, 2022
$ / shares
shares
Stock Options  
Shares  
Outstanding (in shares) | shares 2,282
Granted (in shares) | shares 0
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares (207)
Outstanding (in shares) | shares 2,075
Weighted Average Exercise Price  
Outstanding (in USD per share) | $ / shares $ 19.68
Granted (in USD per share) | $ / shares 0
Forfeited/canceled (in USD per share) | $ / shares 0
Exercised/vested (in USD per share) | $ / shares 11.16
Outstanding (in USD per share) | $ / shares $ 20.53
Restricted Stock  
Shares  
Outstanding (in shares) | shares 1,053
Granted (in shares) | shares 291
Forfeited/canceled (in shares) | shares (7)
Exercised/vested (in shares) | shares (518)
Outstanding (in shares) | shares 819
Weighted Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 34.36
Granted (in USD per share) | $ / shares 67.63
Forfeited/canceled (in USD per share) | $ / shares 38.21
Exercised/vested (in USD per share) | $ / shares 30.55
Outstanding (in USD per share) | $ / shares $ 48.55
Restricted Stock Units  
Shares  
Outstanding (in shares) | shares 26
Granted (in shares) | shares 0
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares 0
Outstanding (in shares) | shares 26
Weighted Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 46.82
Granted (in USD per share) | $ / shares 0
Forfeited/canceled (in USD per share) | $ / shares 0
Exercised/vested (in USD per share) | $ / shares 0
Outstanding (in USD per share) | $ / shares $ 46.82
Performance Stock  
Shares  
Outstanding (in shares) | shares 674
Granted (in shares) | shares 181
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares 0
Outstanding (in shares) | shares 855
Weighted Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 39.76
Granted (in USD per share) | $ / shares 67.63
Forfeited/canceled (in USD per share) | $ / shares 0
Exercised/vested (in USD per share) | $ / shares 0
Outstanding (in USD per share) | $ / shares $ 45.67
v3.22.1
Treasury Shares and Share Repurchase Program (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Nov. 16, 2021
Equity [Abstract]      
Shares reacquired to satisfy tax withholding obligations (in shares) 229,900 226,404  
Shares reacquired to satisfy tax withholding obligations $ 15,500 $ 10,000  
Equity, Class of Treasury Stock [Line Items]      
Shares repurchased $ 51,342 $ 24,031  
2021 Repurchase Program      
Equity, Class of Treasury Stock [Line Items]      
Share repurchase program, amount authorized     $ 500,000
Shares repurchased (in shares) 570,506    
Shares repurchased $ 35,800    
Share repurchase program, amount remaining available $ 435,400    
v3.22.1
Income Taxes (Details)
 3 Months Ended 12 Months Ended
Apr. 30, 2022
May 01, 2021
Jan. 28, 2023
Income Tax Contingency [Line Items]      
Effective tax rate 21.10% 23.70%  
Forecast      
Income Tax Contingency [Line Items]      
Effective tax rate     27.20%
v3.22.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 29, 2022
May 01, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 831,920 $ 751,920 $ 961,920
Fair Value 831,323 752,053 961,042
First Lien Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 701,920 701,920 701,920
Fair Value 701,323 702,053 701,042
ABL Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 130,000 50,000 260,000
Fair Value $ 130,000 $ 50,000 $ 260,000
v3.22.1
Earnings Per Share - Basic and Diluted Weighted-Average Shares of Common Stock Outstanding (Details) - shares
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Earnings Per Share [Abstract]    
Weighted-average shares of common stock outstanding, used for basic computation (in shares) 134,244,223 135,708,783
Plus: Incremental shares of potentially dilutive securities (in shares) 2,457,738 2,953,181
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding (in shares) 136,701,961 138,661,964
v3.22.1
Earnings Per Share - Anti-Dilutive Restricted Shares and Stock Options (Details) - shares
 3 Months Ended
Apr. 30, 2022
May 01, 2021
Restricted shares    
Antidilutive securities excluded from computation of diluted earnings per share (in shares) 95,627 112,759
v3.22.1
Derivative Financial Instruments - Narrative (Details)
$ in Thousands
 3 Months Ended
Jul. 30, 2021
USD ($)
Apr. 30, 2021
USD ($)
Nov. 13, 2018
derivative_instrument
Apr. 30, 2022
USD ($)
May 01, 2021
USD ($)
Jan. 29, 2022
USD ($)
Feb. 13, 2019
USD ($)
Derivative [Line Items]              
Number of derivative instruments entered | derivative_instrument     3        
Amount of hedged item             $ 1,200,000
Interest rate             3.00%
Gains (losses) reclassified to interest expense $ (3,500) $ (4,700)          
Interest rate swap liability       $ 0 $ 20,230 $ 2,156  
Derivative gains       800 4,400    
Interest expense       $ 300 $ 1,800    
First Lien Term Loan And ABL Facility              
Derivative [Line Items]              
Repayments of debt   150,000          
First Lien Term Loan              
Derivative [Line Items]              
Repayments of debt   100,000          
ABL Facility              
Derivative [Line Items]              
Repayments of debt $ 210,000            
ABL Facility | Term Loan              
Derivative [Line Items]              
Repayments of debt   $ 50,000          
v3.22.1
Derivative Financial Instruments - Fair Values of Derivative Instruments (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Jan. 29, 2022
May 01, 2021
Derivatives, Fair Value [Line Items]      
Notional Amount $ 1,200,000    
Fair Value 0 $ (2,156) $ (20,230)
Interest Rate Swap 1      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 600,000    
Fixed Rate 3.00%    
Interest Rate Swap 1 | Other current liabilities      
Derivatives, Fair Value [Line Items]      
Fair Value $ 0 (1,540) (14,453)
Interest Rate Swap 2      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 360,000    
Fixed Rate 3.00%    
Interest Rate Swap 2 | Other current liabilities      
Derivatives, Fair Value [Line Items]      
Fair Value $ 0 0 0
Interest Rate Swap 3      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 240,000    
Fixed Rate 3.00%    
Interest Rate Swap 3 | Other current liabilities      
Derivatives, Fair Value [Line Items]      
Fair Value $ 0 $ (616) $ (5,777)
v3.22.1
Subsequent Event (Details) - Burris Logistics
$ in Millions
 3 Months Ended
May 02, 2022
USD ($)
distribution_center
Apr. 30, 2022
USD ($)
Subsequent Event [Line Items]    
Transaction costs   $ 7.9
Subsequent Event    
Subsequent Event [Line Items]    
Number of distribution centers acquired | distribution_center 4  
Consideration paid $ 377.0  
Inventory acquired $ 90.0