BJ'S WHOLESALE CLUB HOLDINGS, INC., 10-Q filed on 11/23/2022
Quarterly Report
v3.22.2.2
Cover - shares
 9 Months Ended
Oct. 29, 2022
Nov. 16, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Oct. 29, 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 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 $0.01  
Trading Symbol BJ  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   134,434,269
Entity Central Index Key 0001531152  
Amendment Flag false  
Current Fiscal Year End Date --01-28  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2022  
v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Current assets:      
Cash and cash equivalents $ 34,644 $ 45,436 $ 84,691
Accounts receivable, net 251,978 173,951 200,315
Merchandise inventories 1,504,368 1,242,935 1,255,659
Prepaid expenses and other current assets 72,285 54,734 58,622
Total current assets 1,863,275 1,517,056 1,599,287
Operating lease right-of-use assets, net 2,163,504 2,131,986 2,151,255
Property and equipment, net 1,296,151 942,331 880,904
Goodwill 1,008,816 924,134 924,134
Intangibles, net 117,814 124,640 127,260
Deferred income taxes 4,341 5,507 5,167
Other assets 25,002 23,240 22,233
Total assets 6,478,903 5,668,894 5,710,240
Current liabilities:      
Short-term debt 295,000 0 0
Current portion of operating lease liabilities 176,659 141,453 137,036
Accounts payable 1,363,734 1,112,783 1,235,763
Accrued expenses and other current liabilities 764,572 748,245 731,297
Total current liabilities 2,599,965 2,002,481 2,104,096
Long-term operating lease liabilities 2,085,625 2,059,760 2,082,287
Long-term debt 600,123 748,568 748,149
Deferred income taxes 70,432 52,850 33,995
Other non-current liabilities 179,883 157,127 173,977
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, 146,243 shares issued and 134,429 outstanding at October 29, 2022; 145,451 shares issued and 135,506 outstanding at January 29, 2022; and 145,318 shares issued and 136,075 outstanding at October 30, 2021 1,461 1,454 1,453
Additional paid-in capital 939,855 902,704 889,142
Accumulated earnings 514,712 131,313 23,745
Accumulated other comprehensive income (loss) 2,010 1,305 (2,199)
Treasury stock, at cost, 11,814 shares at October 29, 2022; 9,945 shares at January 29, 2022; and 9,243 shares at October 30, 2021 (515,163) (388,668) (344,405)
Total stockholders’ equity 942,875 648,108 567,736
Total liabilities and stockholders’ equity $ 6,478,903 $ 5,668,894 $ 5,710,240
v3.22.2.2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 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) 146,243,000 145,451,000 145,318,000
Common stock, outstanding (in shares) 134,429,000 135,506,000 136,075,000
Treasury stock (in shares) 11,814,000 9,945,000 9,243,000
v3.22.2.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Total revenues $ 4,785,319 $ 4,264,087 $ 14,385,570 $ 12,309,464
Cost of sales 3,908,219 3,472,869 11,857,263 10,027,991
Selling, general and administrative expenses 674,426 617,991 1,961,606 1,816,014
Pre-opening expenses 10,706 3,071 21,508 5,265
Operating income 191,968 170,156 545,193 460,194
Interest expense, net 12,450 11,854 31,166 47,567
Income from continuing operations before income taxes 179,518 158,302 514,027 412,627
Provision for income taxes 48,124 31,700 129,165 93,442
Income from continuing operations 131,394 126,602 384,862 319,185
Loss from discontinued operations, net of income taxes (1,452) (85) (1,466) (101)
Net income $ 129,942 $ 126,517 $ 383,396 $ 319,084
Income per share attributable to common stockholders—basic:        
Income from continuing operations (in USD per share) $ 0.98 $ 0.93 $ 2.87 $ 2.35
Loss from discontinued operations (in USD per share) (0.01) 0 (0.01) 0
Net income (in USD per share) 0.97 0.93 2.86 2.35
Income per share attributable to common stockholders—diluted:        
Income from continuing operations (in USD per share) 0.96 0.92 2.82 2.31
Loss from discontinued operations (in USD per share) (0.01) 0 (0.01) 0
Net income (in USD per share) $ 0.95 $ 0.92 $ 2.81 $ 2.31
Weighted average shares of common stock outstanding:        
Basic (in shares) 134,090,784 135,581,539 134,225,429 135,603,891
Diluted (in shares) 136,621,347 138,004,727 136,630,258 138,287,952
Other comprehensive income:        
Amounts released from other comprehensive income, net of tax $ 0 $ 733 $ 117 $ 8,909
Unrealized gain on cash flow hedge, net of income tax provision of $1,279, at October 30, 2021 0 3,293 588 9,420
Total other comprehensive income 0 4,026 705 18,329
Total comprehensive income 129,942 130,543 384,101 337,413
Net sales        
Total revenues 4,685,834 4,172,594 14,090,673 12,042,830
Membership        
Total revenues $ 99,485 $ 91,493 $ 294,897 $ 266,634
v3.22.2.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Income Statement [Abstract]      
Unrealized gain on cash flow hedge, tax provision $ 1,279 $ 229 $ 3,662
v3.22.2.2
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Earnings (Deficit)
Accumulated Other Comprehensive Income
Treasury Stock
Balance at beginning of period (in shares) at Jan. 30, 2021   143,428        
Balance at beginning of period at Jan. 30, 2021 $ 319,327 $ 1,434 $ 826,377 $ (295,339) $ (20,528) $ (192,617)
Treasury stock at beginning of period (in shares) at Jan. 30, 2021           (6,236)
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-based compensation expense 27,300   27,300      
Net cash received from 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        
Balance at end of period at May. 01, 2021 413,524 $ 1,440 855,168 (213,760) (12,676) $ (216,648)
Treasury stock at end of period (in shares) at May. 01, 2021           (6,778)
Balance at beginning of period (in shares) at Jan. 30, 2021   143,428        
Balance at beginning of period at Jan. 30, 2021 319,327 $ 1,434 826,377 (295,339) (20,528) $ (192,617)
Treasury stock at beginning of period (in shares) at Jan. 30, 2021           (6,236)
Net income 319,084          
Amounts released from other comprehensive income, net of tax 8,909          
Unrealized gain (loss) on cash flow hedge, net of tax $ 9,420          
Balance at end of period (in shares) at Oct. 30, 2021 136,075 145,318        
Balance at end of period at Oct. 30, 2021 $ 567,736 $ 1,453 889,142 23,745 (2,199) $ (344,405)
Treasury stock at end of period (in shares) at Oct. 30, 2021 (9,243)         (9,243)
Balance at beginning of period (in shares) at May. 01, 2021   144,018        
Balance at beginning of period at May. 01, 2021 $ 413,524 $ 1,440 855,168 (213,760) (12,676) $ (216,648)
Treasury stock at beginning of period (in shares) at May. 01, 2021           (6,778)
Net income 110,988     110,988    
Amounts released from other comprehensive income, net of tax 3,511       3,511  
Unrealized gain (loss) on cash flow hedge, net of tax 2,940       2,940  
Common stock issued under stock incentive plans (in shares)   223        
Common stock issued under stock incentive plans 0 $ 2 (2)      
Common stock issued under ESPP (in shares)   59        
Common stock issued under ESPP 1,877 $ 1 1,876      
Stock-based compensation expense 7,334   7,334      
Net cash received from option exercises 3,416   3,416      
Treasury stock purchases (in shares)           (1,175)
Treasury stock purchases (55,238)         $ (55,238)
Balance at end of period (in shares) at Jul. 31, 2021   144,300        
Balance at end of period at Jul. 31, 2021 488,352 $ 1,443 867,792 (102,772) (6,225) $ (271,886)
Treasury stock at end of period (in shares) at Jul. 31, 2021           (7,953)
Net income 126,517     126,517    
Amounts released from other comprehensive income, net of tax 733       733  
Unrealized gain (loss) on cash flow hedge, net of tax 3,293       3,293  
Common stock issued under stock incentive plans (in shares)   1,018        
Common stock issued under stock incentive plans 0 $ 10 (10)      
Stock-based compensation expense 7,794   7,794      
Net cash received from option exercises 13,566   13,566      
Treasury stock purchases (in shares)           (1,290)
Treasury stock purchases $ (72,519)         $ (72,519)
Balance at end of period (in shares) at Oct. 30, 2021 136,075 145,318        
Balance at end of period at Oct. 30, 2021 $ 567,736 $ 1,453 889,142 23,745 (2,199) $ (344,405)
Treasury stock at end of period (in shares) at Oct. 30, 2021 (9,243)         (9,243)
Balance at beginning of period (in shares) at Jan. 29, 2022 135,506 145,451        
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)         (9,945)
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-based compensation expense 9,115   9,115      
Net cash received from 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        
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 135,506 145,451        
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)         (9,945)
Net income $ 383,396          
Amounts released from 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)
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      
Net cash received from option exercises 2,712   2,712      
Treasury stock purchases (in shares)           (359)
Treasury stock purchases (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)
Net income 129,942     129,942    
Amounts released from other comprehensive income, net of tax 0          
Unrealized gain (loss) on cash flow hedge, net of tax 0          
Common stock issued under stock incentive plans (in shares)   86        
Stock-based compensation expense 9,463   9,463      
Net cash received from option exercises 1,844   1,844      
Treasury stock purchases (in shares)           (709)
Treasury stock purchases $ (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)
v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 383,396 $ 319,084
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 149,259 135,664
Amortization of debt issuance costs and accretion of original issue discount 2,282 2,555
Debt extinguishment charges 687 657
Stock-based compensation expense 27,965 42,428
Deferred income tax provision (benefit) 18,474 (17,659)
Changes in operating leases and other non-cash items 26,235 6,112
Increase (decrease) in cash due to changes in:    
Accounts receivable (73,162) (27,596)
Merchandise inventories (173,361) (49,964)
Prepaid expenses and other current assets (5,248) (13,841)
Other assets (444) (2,882)
Accounts payable 250,951 247,689
Accrued expenses and other current liabilities (3,802) 72,525
Other non-current liabilities 9,625 18,403
Net cash provided by operating activities 612,857 733,175
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property and equipment, net of disposals (294,308) (222,498)
Proceeds from sale leaseback transactions 11,092 19,080
Acquisitions (376,521) 0
Net cash used in investing activities (659,737) (203,418)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on long term debt (50,000) 0
Payments on First Lien Term Loan (100,000) (100,000)
Proceeds from revolving lines of credit 1,110,000 0
Payments on revolving lines of credit (815,000) (260,000)
Debt issuance costs paid (2,733) 0
Net cash received from stock option exercises 6,545 18,479
Net cash received from ESPP 2,331 1,877
Treasury stock purchases (127,458) (149,449)
Proceeds from financing obligations 16,949 1,333
Other financing activities (4,546) (824)
Net cash provided by (used in) financing activities 36,088 (488,584)
Net increase (decrease) in cash and cash equivalents (10,792) 41,173
Cash and cash equivalents at beginning of period 45,436 43,518
Cash and cash equivalents at end of period 34,644 84,691
Supplemental cash flow information:    
Interest paid 25,031 34,189
Income taxes paid 134,021 100,753
Operating lease liabilities arising from obtaining right-of-use assets 190,803 213,642
Non-cash financing and investing activities:    
Finance lease liabilities arising from obtaining right-of-use assets 7,443 0
Financing obligations arising from failed sale leasebacks 3,487 0
Property additions included in accrued expenses $ 29,192 $ 25,445
v3.22.2.2
Description of Business
 9 Months Ended
Oct. 29, 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 concentrated primarily on the east coast of the United States. As of October 29, 2022, the Company operated 232 warehouse clubs and 163 gas stations in 18 states.
The Company follows and reports based on the National Retail Federation’s fiscal calendar. The thirteen week periods ended October 29, 2022 and October 30, 2021 are referred to herein as the "third quarter of fiscal year 2022" and the "third quarter of fiscal year 2021," respectively.
Events and global business conditions such as inflation, the ongoing coronavirus ("COVID-19") pandemic and the war in Ukraine have resulted in certain impacts to the global economy, including market disruptions, volatility in fuel costs and supply chain challenges. During the third quarter of fiscal year 2022 we continued to experience elevated supply chain costs, including increased commodity prices, logistics, and procurement costs. We expect these market disruptions and inflationary pressures to continue throughout 2022.

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 ABL Facility. See Note 12, "Acquisitions" of our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information.
v3.22.2.2
Summary of Significant Accounting Policies
 9 Months Ended
Oct. 29, 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 third 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.
v3.22.2.2
Revenue Recognition
 9 Months Ended
Oct. 29, 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 tables summarize 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
October 29, 2022October 30, 2021
Point of sale transactions, excluding sales tax, as a percent of net sales
92%
94%
Point of sale transactions, excluding sales tax, as a percent of total revenues
90%
92%
Thirty-Nine Weeks Ended
October 29, 2022October 30, 2021
Point of sale transactions, excluding sales tax, as a percent of net sales92 %93 %
Point of sale transactions, excluding sales tax, as a percent of total revenues90 %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 is 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 $44.5 million at October 29, 2022, $30.3 million at January 29, 2022 and $29.3 million at October 30, 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 $23.3 million, $17.8 million and $19.1 million at October 29, 2022, January 29, 2022 and October 30, 2021, respectively. The timing of revenue recognition is driven by actual customer activities, such as redemptions and expirations. As of October 29, 2022, the Company expects to recognize $21.7 million by the end of fiscal year 2022 and expects the remainder to be recognized in the periods thereafter.
Membership—The Company charges a membership fee to its customers. That fee allows customers to shop in the Company’s clubs, shop on the Company’s website and 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 $178.3 million, $174.9 million and $168.1 million at October 29, 2022, January 29, 2022 and October 30, 2021, respectively.
Gift Card Program—The Company sells BJ’s gift cards in both physical and digital format, which allows 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 $12.1 million, $11.8 million and $10.3 million at October 29, 2022, January 29, 2022 and October 30, 2021, respectively. The Company recognized $12.2 million and $8.9 million of revenue from gift card redemptions in the third quarter of fiscal year 2022 and third quarter of fiscal year 2021, respectively. The Company recognized $35.4 million and $27.3 million of revenue from gift card redemptions in the thirty-nine weeks ended October 29, 2022 and October 30, 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
October 29, 2022October 30, 2021
Grocery70 %72 %
General Merchandise and Services10 %12 %
Gasoline and Other20 %16 %
Thirty-Nine Weeks Ended
October 29, 2022October 30, 2021
Grocery67 %71 %
General Merchandise and Services11 %14 %
Gasoline and Other22 %15 %
v3.22.2.2
Debt and Credit Arrangements
 9 Months Ended
Oct. 29, 2022
Debt Disclosure [Abstract]  
Debt and Credit Arrangements Debt and Credit Arrangements
The following table summarizes the Company’s debt (in thousands):
October 29, 2022January 29, 2022October 30, 2021
ABL Revolving Facility$295,000 $— $— 
ABL Facility— 50,000 50,000 
First Lien Term Loan601,920 701,920 701,920 
Unamortized debt discount and debt issuance cost(1,797)(3,352)(3,771)
Less: current portion(295,000)— — 
Long-term debt$600,123 $748,568 $748,149 
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. As part of this transaction, the Company extinguished the ABL Facility.
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 Secured Overnight Financing Rate ("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 upon the Borrower’s, and its restricted subsidiaries’, ability to, among other things, incur additional indebtedness, pay dividends and make certain loans, investments and divestitures. The ABL Revolving Facility contains customary events of default (including payment defaults, cross-defaults to certain of our other
indebtedness, breach of representations and covenants and change of control). The occurrence of an event of default under the ABL Revolving Facility would permit the lenders to accelerate the indebtedness and terminate the ABL Revolving Facility.
At October 29, 2022, there were $295.0 million outstanding in loans under the ABL Revolving Facility and $12.7 million in outstanding letters of credit. The interest rate on the ABL Revolving Facility was 4.73% and unused capacity was $774.8 million.
ABL Facility - Former Credit Agreement
The ABL Revolving Facility replaced the ABL Facility, which was comprised of a $950.0 million revolving credit facility and a $50.0 million term loan.
Interest on the ABL Facility was 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 was 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.
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 ABL Facility was 1.23%, the interest rate on the term loan was 2.10% and unused capacity was $886.9 million.
At October 30, 2021, there were $50.0 million outstanding in loans under the ABL Facility and $19.4 million in outstanding letters of credit. The interest rate on the ABL Facility was 1.20%, the interest rate of the term loan was 2.08% and unused capacity was $930.6 million.
First Lien Term Loan
The Company’s First Lien Term Loan matures on February 3, 2024. Voluntary prepayments are permitted. Principal payments must be made on the First Lien Term Loan pursuant to an annual excess cash flow calculation when the net leverage ratio exceeds 3.50 to 1.00. The First Lien Term Loan is subject to certain affirmative and negative covenants, but no financial covenants. It is secured on a senior basis by certain fixed assets of the Company and on a junior basis by certain liquid assets of the Company. 
On 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.
On October 26, 2022, the Company repaid $100.0 million of the principal amount outstanding on the First Lien Term Loan. This repayment was funded with borrowings under the Company's ABL Revolving Facility. In connection with the repayment, the Company expensed $0.3 million of previously capitalized debt issuance costs and original issue discount.
There was $601.9 million outstanding on the First Lien Term Loan at October 29, 2022, and $701.9 million outstanding at both January 29, 2022 and October 30, 2021. Interest rates for the First Lien Term Loan were 5.35%, 2.11% and 2.09% at October 29, 2022, January 29, 2022 and October 30, 2021, respectively.
v3.22.2.2
Commitments and Contingencies
 9 Months Ended
Oct. 29, 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.
v3.22.2.2
Stock Incentive Plans
 9 Months Ended
Oct. 29, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive PlansOn 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 29, 2022, there were 5,289,133 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 thirty-nine weeks ended October 29, 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— — 310 67.43 24 58.61 183 67.54 
Forfeited/canceled(3)25.07 (20)39.76 — — (4)44.45 
Exercised/vested(433)15.86 (585)31.25 (26)46.82 — — 
Outstanding, October 29, 20221,846 $20.57 758 $50.17 24 $58.61 853 $45.70 
Stock-based compensation expense was $9.5 million and $7.8 million for the thirteen weeks ended October 29, 2022 and October 30, 2021, respectively. Stock-based compensation was $28.0 million and $42.4 million for the thirty-nine weeks ended October 29, 2022 and October 30, 2021, respectively. Stock-based compensation expense in the thirty-nine weeks ended October 30, 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 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 offering under the ESPP commenced on January 1, 2019. The amount of expense recognized for the thirteen weeks ended October 29, 2022 and October 30, 2021 was $0.3 million and $0.2 million, respectively. The amount of expense recognized for the thirty-nine weeks ended October 29, 2022 and October 30, 2021 was $0.8 million and $0.7 million, respectively. As of October 29, 2022, there were 2,084,348 shares available for issuance under the ESPP.
v3.22.2.2
Treasury Shares and Share Repurchase Program
 9 Months Ended
Oct. 29, 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 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 were recorded as $1.9 million of treasury stock. The Company acquired 28,398 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended October 30, 2021, which were recorded as $1.0 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 were recorded as $17.8 million of treasury stock. The Company acquired 375,223 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock awards in the thirty-nine weeks ended October 30, 2021, which were recorded as $16.7 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 options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value.
The Company repurchased 684,819 shares for $50.1 million during the thirteen weeks ended October 29, 2022, and 1,608,325 shares for $108.7 million during the thirty-nine weeks ended October 29, 2022. As of October 29, 2022, $362.5 million remained available to purchase under the 2021 Repurchase Program.
v3.22.2.2
Income Taxes
 9 Months Ended
Oct. 29, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company projects the estimated annual effective tax rate for fiscal year 2022 to be 27.5%, 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 26.8% and 20.0% for the thirteen weeks ended October 29, 2022 and October 30, 2021, respectively, and 25.1% and 22.6% for the thirty-nine weeks ended October 29, 2022 and October 30, 2021, respectively. The increase in the effective tax rate for the thirteen and thirty-nine weeks ended October 29, 2022 compared to the thirteen and thirty-nine weeks ended October 30, 2021 is due primarily to lower 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.
On August 16, 2022, the Inflation Reduction Act was signed into law in the United States. We are currently evaluating the Inflation Reduction Act law to determine future impacts on our financial statements.
v3.22.2.2
Fair Value Measurements
 9 Months Ended
Oct. 29, 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 were 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 were considered to be Level 2. All derivative instruments expired in the first quarter of fiscal year 2022.
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 29, 2022 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$601,920 $601,920 
ABL Revolving Facility295,000 295,000 
Total Debt$896,920 $896,920 
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 October 30, 2021 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $701,857 
ABL Facility50,000 50,000 
Total Debt$751,920 $751,857 
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.
v3.22.2.2
Earnings Per Share
 9 Months Ended
Oct. 29, 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 and thirty-nine weeks ended October 29, 2022 and October 30, 2021:
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 29, 2022October 30, 2021October 29, 2022October 30, 2021
Weighted-average shares of common stock outstanding, used for basic computation134,090,784 135,581,539 134,225,429 135,603,891 
Plus: Incremental shares of potentially dilutive securities2,530,563 2,423,188 2,404,829 2,684,061 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding136,621,347 138,004,727 136,630,258 138,287,952 
The table below summarizes restricted shares, restricted stock units, and ESPP shares that were excluded from the computation of diluted earnings for the thirteen and thirty-nine weeks ended October 29, 2022 and October 30, 2021, as their inclusion would have been anti-dilutive:
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 29, 2022October 30, 2021October 29, 2022October 30, 2021
Restricted shares— 1,933 96,346 42,483 
Restricted stock units— — 3,937 — 
ESPP— — 170 — 
v3.22.2.2
Derivative Financial Instruments
 9 Months Ended
Oct. 29, 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 October 29, 2022 and $2.2 million and $8.3 million recorded at January 29, 2022 and October 30, 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 no gains or losses recorded for the thirteen weeks ended October 29, 2022 and $4.6 million gain recorded in other comprehensive income for the thirteen weeks ended October 30, 2021. There were gains of $0.8 million and $12.9 million recorded in other comprehensive income for the thirty-nine weeks ended October 29, 2022 and October 30, 2021, respectively. There were no ineffective portion of gains in the thirteen weeks ended October 29, 2022 and $0.3 million recorded in interest expense for the thirty-nine weeks ended October 29, 2022. The ineffective portion of gains in the thirteen and thirty-nine weeks ended October 30, 2021 of $1.8 million and $5.1 million, 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 ClassificationOctober 29, 2022January 29, 2022October 30, 2021
Interest rate swap$600,000 3.00 %Other current liabilities$— $(1,540)$(5,952)
Interest rate swap360,000 3.00 %Other current liabilities— — — 
Interest rate swap240,000 3.00 %Other current liabilities— (616)(2,379)
Net carrying amount$1,200,000 Total liabilities$— $(2,156)$(8,331)
v3.22.2.2
Acquisitions
 9 Months Ended
Oct. 29, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions AcquisitionsOn May 2, 2022, the Company completed the Acquisition to bring its end-to-end perishable supply chain in-house.
The total consideration paid by the Company in connection with the Acquisition was approximately $375.6 million, excluding transaction costs. The Company recorded transaction and integration costs related to the Acquisition of $0.9 million and $12.3 million during the thirteen and thirty-nine weeks ended October 29, 2022, respectively. These costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income.

The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed (in thousands) in connection with the Acquisition:

As of May 2, 2022
Initial fair value (1)
AdjustmentsUpdated fair value
Assets:
Property and equipment, net$203,400 $— $203,400 
Merchandise inventories88,072 — 88,072 
Goodwill84,683 — 84,683 
Operating lease right-of-use assets, net15,994 575 16,569 
Prepaid expenses and other current assets433 — 433 
Intangibles, net100 — 100 
Total Assets392,682 575 393,257 
Liabilities:
Long-term operating lease liabilities(15,994)(575)(16,569)
Accrued expenses and other current liabilities(1,106)— (1,106)
Total Liabilities(17,100)(575)(17,675)
Total consideration paid, including working capital adjustments$375,582 $— $375,582 

(1) Initial fair value disclosed in our Quarterly Report on Form 10-Q for the period ended July 30, 2022, filed with the SEC on August 26, 2022

Goodwill represents the excess of the purchase price over the net identifiable assets acquired and liabilities assumed. Goodwill is primarily attributable to the assembled workforce and bringing the Company's perishable supply chain in-house. Goodwill deductible for tax purposes is $84.7 million.

The Acquisition was accounted for as a business combination using the acquisition method with the Company as the accounting acquirer in accordance with ASC 805. Under this method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed of the acquiree based upon their estimated fair values at the acquisition date. The purchase price allocation for the Acquisition is preliminary and the Company's estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date) as the Company finalizes the valuation of certain tangible and intangible assets acquired and liabilities assumed. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation.
For the thirteen and thirty-nine week periods ended October 29, 2022, the Acquisition generated an incremental $18.2 million and $40.0 million in revenue, respectively. It is impracticable to provide historical supplemental pro forma financial information along with earnings during the period subsequent to the Acquisition due to a variety of factors, including access to historical information and the operations of acquirees being integrated within the Company shortly after closing and not operating as discrete entities within the Company’s organizational structure.
v3.22.2.2
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Oct. 29, 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 third 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.
v3.22.2.2
Revenue Recognition (Tables)
 9 Months Ended
Oct. 29, 2022
Revenue from Contract with Customer [Abstract]  
Point of sale transactions as a percentage of net sales and total revenues The following tables summarize 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
October 29, 2022October 30, 2021
Point of sale transactions, excluding sales tax, as a percent of net sales
92%
94%
Point of sale transactions, excluding sales tax, as a percent of total revenues
90%
92%
Thirty-Nine Weeks Ended
October 29, 2022October 30, 2021
Point of sale transactions, excluding sales tax, as a percent of net sales92 %93 %
Point of sale transactions, excluding sales tax, as a percent of total revenues90 %91 %
Disaggregation of revenue
The following table summarizes the Company’s percentage of net sales disaggregated by category:
Thirteen Weeks Ended
October 29, 2022October 30, 2021
Grocery70 %72 %
General Merchandise and Services10 %12 %
Gasoline and Other20 %16 %
Thirty-Nine Weeks Ended
October 29, 2022October 30, 2021
Grocery67 %71 %
General Merchandise and Services11 %14 %
Gasoline and Other22 %15 %
v3.22.2.2
Debt and Credit Arrangements (Tables)
 9 Months Ended
Oct. 29, 2022
Debt Disclosure [Abstract]  
Schedule of debt
The following table summarizes the Company’s debt (in thousands):
October 29, 2022January 29, 2022October 30, 2021
ABL Revolving Facility$295,000 $— $— 
ABL Facility— 50,000 50,000 
First Lien Term Loan601,920 701,920 701,920 
Unamortized debt discount and debt issuance cost(1,797)(3,352)(3,771)
Less: current portion(295,000)— — 
Long-term debt$600,123 $748,568 $748,149 
v3.22.2.2
Stock Incentive Plans (Tables)
 9 Months Ended
Oct. 29, 2022
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 29, 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— — 310 67.43 24 58.61 183 67.54 
Forfeited/canceled(3)25.07 (20)39.76 — — (4)44.45 
Exercised/vested(433)15.86 (585)31.25 (26)46.82 — — 
Outstanding, October 29, 20221,846 $20.57 758 $50.17 24 $58.61 853 $45.70 
v3.22.2.2
Fair Value Measurements (Tables)
 9 Months Ended
Oct. 29, 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 October 29, 2022 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$601,920 $601,920 
ABL Revolving Facility295,000 295,000 
Total Debt$896,920 $896,920 
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 October 30, 2021 are as follows (in thousands):
Carrying AmountFair Value
First Lien Term Loan$701,920 $701,857 
ABL Facility50,000 50,000 
Total Debt$751,920 $751,857 
v3.22.2.2
Earnings Per Share (Tables)
 9 Months Ended
Oct. 29, 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 and thirty-nine weeks ended October 29, 2022 and October 30, 2021:
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 29, 2022October 30, 2021October 29, 2022October 30, 2021
Weighted-average shares of common stock outstanding, used for basic computation134,090,784 135,581,539 134,225,429 135,603,891 
Plus: Incremental shares of potentially dilutive securities2,530,563 2,423,188 2,404,829 2,684,061 
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding136,621,347 138,004,727 136,630,258 138,287,952 
Anti-dilutive restricted shares and stock options
The table below summarizes restricted shares, restricted stock units, and ESPP shares that were excluded from the computation of diluted earnings for the thirteen and thirty-nine weeks ended October 29, 2022 and October 30, 2021, as their inclusion would have been anti-dilutive:
Thirteen Weeks EndedThirty-Nine Weeks Ended
October 29, 2022October 30, 2021October 29, 2022October 30, 2021
Restricted shares— 1,933 96,346 42,483 
Restricted stock units— — 3,937 — 
ESPP— — 170 — 
v3.22.2.2
Derivative Financial Instruments (Tables)
 9 Months Ended
Oct. 29, 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 ClassificationOctober 29, 2022January 29, 2022October 30, 2021
Interest rate swap$600,000 3.00 %Other current liabilities$— $(1,540)$(5,952)
Interest rate swap360,000 3.00 %Other current liabilities— — — 
Interest rate swap240,000 3.00 %Other current liabilities— (616)(2,379)
Net carrying amount$1,200,000 Total liabilities$— $(2,156)$(8,331)
v3.22.2.2
Acquisitions (Tables)
 9 Months Ended
Oct. 29, 2022
Business Combination and Asset Acquisition [Abstract]  
Estimated fair values of assets acquired and liabilities assumed
The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed (in thousands) in connection with the Acquisition:

As of May 2, 2022
Initial fair value (1)
AdjustmentsUpdated fair value
Assets:
Property and equipment, net$203,400 $— $203,400 
Merchandise inventories88,072 — 88,072 
Goodwill84,683 — 84,683 
Operating lease right-of-use assets, net15,994 575 16,569 
Prepaid expenses and other current assets433 — 433 
Intangibles, net100 — 100 
Total Assets392,682 575 393,257 
Liabilities:
Long-term operating lease liabilities(15,994)(575)(16,569)
Accrued expenses and other current liabilities(1,106)— (1,106)
Total Liabilities(17,100)(575)(17,675)
Total consideration paid, including working capital adjustments$375,582 $— $375,582 

(1) Initial fair value disclosed in our Quarterly Report on Form 10-Q for the period ended July 30, 2022, filed with the SEC on August 26, 2022
v3.22.2.2
Description of Business (Details)
May 02, 2022
distribution_center
Oct. 29, 2022
state
gas_station
store
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of stores | store   232
Number of gas stations | gas_station   163
Number of states in which entity operates | state   18
Burris Logistics    
Subsequent Event [Line Items]    
Number of distribution centers acquired | distribution_center 4  
v3.22.2.2
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. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Net sales        
Concentration Risk [Line Items]        
Concentration risk percentage 92.00% 94.00% 92.00% 93.00%
Total revenue        
Concentration Risk [Line Items]        
Concentration risk percentage 90.00% 92.00% 90.00% 91.00%
v3.22.2.2
Revenue Recognition - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Jan. 29, 2022
Revenue, Major Customer [Line Items]          
Percentage of cash back earned     2.00%    
Maximum annual cash back amount $ 500   $ 500    
Percentage of cash back earned, eligible purchases     5.00%    
Cash back in the form of electronic awards issued     $ 10    
Cash back, expiration period     6 months    
Award liability 44,500,000 $ 29,300,000 $ 44,500,000 $ 29,300,000 $ 30,300,000
Remaining performance obligation 23,300,000 19,100,000 23,300,000 19,100,000 17,800,000
Revenue 4,785,319,000 4,264,087,000 14,385,570,000 12,309,464,000  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-30          
Revenue, Major Customer [Line Items]          
Remaining performance obligation $ 21,700,000   $ 21,700,000    
Remaining performance obligation, timing of satisfaction 3 months   3 months    
Membership          
Revenue, Major Customer [Line Items]          
Membership fee term     12 months    
Deferred revenue related to membership fees $ 178,300,000 168,100,000 $ 178,300,000 168,100,000 174,900,000
Revenue 99,485,000 91,493,000 294,897,000 266,634,000  
Gift Card Programs          
Revenue, Major Customer [Line Items]          
Deferred revenue related to membership fees 12,100,000 10,300,000 12,100,000 10,300,000 $ 11,800,000
Revenue $ 12,200,000 $ 8,900,000 $ 35,400,000 $ 27,300,000  
v3.22.2.2
Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details)
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Grocery        
Disaggregation of Revenue [Line Items]        
Net sales percentage 70.00% 72.00% 67.00% 71.00%
General Merchandise and Services        
Disaggregation of Revenue [Line Items]        
Net sales percentage 10.00% 12.00% 11.00% 14.00%
Gasoline and Other        
Disaggregation of Revenue [Line Items]        
Net sales percentage 20.00% 16.00% 22.00% 15.00%
v3.22.2.2
Debt and Credit Arrangements - Debt Components (Details) - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount $ 896,920 $ 751,920 $ 751,920
Unamortized debt discount and debt issuance cost (1,797) (3,352) (3,771)
Less: current portion (295,000) 0 0
Long-term debt 600,123 748,568 748,149
ABL Revolving Facility      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount 295,000 0 0
ABL Facility      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount 0 50,000 50,000
First Lien Term Loan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Carrying Amount $ 601,920 $ 701,920 $ 701,920
v3.22.2.2
Debt and Credit Arrangements - Narrative (Details) - USD ($)
 9 Months Ended
Oct. 26, 2022
Jul. 28, 2022
Jul. 30, 2021
Apr. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Jan. 29, 2022
Debt Instrument [Line Items]              
Carrying Amount         $ 896,920,000 $ 751,920,000 $ 751,920,000
Amortization of debt issuance costs and accretion of original issue discount         2,282,000 2,555,000  
ABL Revolving Facility              
Debt Instrument [Line Items]              
Carrying Amount         295,000,000 0 0
ABL Facility              
Debt Instrument [Line Items]              
Carrying Amount         0 $ 50,000,000 $ 50,000,000
Repayments of debt     $ 210,000,000        
ABL Facility | Term Loan              
Debt Instrument [Line Items]              
Principal amount         $ 50,000,000    
Stated interest rate           2.08% 2.10%
ABL Facility | Term Loan | Minimum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate         1.00%    
ABL Facility | Term Loan | Minimum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate         2.00%    
ABL Facility | Term Loan | Maximum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate         1.50%    
ABL Facility | Term Loan | Maximum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate         2.50%    
First Lien Term Loan              
Debt Instrument [Line Items]              
Carrying Amount         $ 601,920,000 $ 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         5.35% 2.09% 2.11%
First Lien Term Loan | Term Loan              
Debt Instrument [Line Items]              
Minimum net leverage ratio for interest rate adjustment         3.50    
Repayments of debt $ 100,000,000            
Write off of debt issuance costs and original issue discount $ 300,000            
Revolving Credit Facility | ABL Revolving Facility              
Debt Instrument [Line Items]              
Maximum borrowing capacity   $ 1,200,000,000          
Commitment fee percentage   0.20%          
Carrying Amount         $ 295,000,000    
Interest rate at end of period         4.73%    
Unused capacity         $ 774,800,000    
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%          
Revolving Credit Facility | ABL Facility              
Debt Instrument [Line Items]              
Maximum borrowing capacity         $ 950,000,000    
Carrying Amount           $ 50,000,000 $ 50,000,000
Interest rate at end of period           1.20% 1.23%
Unused capacity           $ 930,600,000 $ 886,900,000
Revolving Credit Facility | ABL Facility | Minimum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate         0.25%    
Revolving Credit Facility | ABL Facility | Minimum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate         1.25%    
Revolving Credit Facility | ABL Facility | Maximum | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate         0.75%    
Revolving Credit Facility | ABL Facility | Maximum | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate         1.75%    
Letter of Credit | ABL Revolving Facility              
Debt Instrument [Line Items]              
Carrying Amount         $ 12,700,000    
Letter of Credit | ABL Facility              
Debt Instrument [Line Items]              
Carrying Amount           $ 19,400,000 $ 12,700,000
v3.22.2.2
Stock Incentive Plans - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Jun. 14, 2018
Jun. 13, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock-based compensation expense $ 9.5 $ 7.8 $ 28.0 $ 42.4    
Chief Executive Officer            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock-based compensation expense, modification of stock awards       17.5    
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) 5,289,133   5,289,133      
Employee Stock Purchase Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Shares reserved for issuance (in shares) 2,084,348   2,084,348      
Stock-based compensation expense $ 0.3 $ 0.2 $ 0.8 $ 0.7    
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%  
v3.22.2.2
Stock Incentive Plans - Stock Award Activity (Details)
shares in Thousands
 9 Months Ended
Oct. 29, 2022
$ / shares
shares
Stock Options  
Shares  
Outstanding (in shares) | shares 2,282
Granted (in shares) | shares 0
Forfeited/canceled (in shares) | shares (3)
Exercised/vested (in shares) | shares (433)
Outstanding (in shares) | shares 1,846
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 25.07
Exercised/vested (in USD per share) | $ / shares 15.86
Outstanding (in USD per share) | $ / shares $ 20.57
Restricted Stock  
Shares  
Outstanding (in shares) | shares 1,053
Granted (in shares) | shares 310
Forfeited/canceled (in shares) | shares (20)
Exercised/vested (in shares) | shares (585)
Outstanding (in shares) | shares 758
Weighted Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 34.36
Granted (in USD per share) | $ / shares 67.43
Forfeited/canceled (in USD per share) | $ / shares 39.76
Exercised/vested (in USD per share) | $ / shares 31.25
Outstanding (in USD per share) | $ / shares $ 50.17
Restricted Stock Units  
Shares  
Outstanding (in shares) | shares 26
Granted (in shares) | shares 24
Forfeited/canceled (in shares) | shares 0
Exercised/vested (in shares) | shares (26)
Outstanding (in shares) | shares 24
Weighted Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 46.82
Granted (in USD per share) | $ / shares 58.61
Forfeited/canceled (in USD per share) | $ / shares 0
Exercised/vested (in USD per share) | $ / shares 46.82
Outstanding (in USD per share) | $ / shares $ 58.61
Performance Stock  
Shares  
Outstanding (in shares) | shares 674
Granted (in shares) | shares 183
Forfeited/canceled (in shares) | shares (4)
Exercised/vested (in shares) | shares 0
Outstanding (in shares) | shares 853
Weighted Average Grant Date Fair Value  
Outstanding (in USD per share) | $ / shares $ 39.76
Granted (in USD per share) | $ / shares 67.54
Forfeited/canceled (in USD per share) | $ / shares 44.45
Exercised/vested (in USD per share) | $ / shares 0
Outstanding (in USD per share) | $ / shares $ 45.70
v3.22.2.2
Treasury Shares and Share Repurchase Program (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Oct. 30, 2021
Jul. 31, 2021
May 01, 2021
Oct. 29, 2022
Oct. 30, 2021
Nov. 16, 2021
Equity [Abstract]                  
Shares reacquired to satisfy tax withholding obligations (in shares) 24,885     28,398     260,730 375,223  
Shares reacquired to satisfy tax withholding obligations $ 1,900     $ 1,000     $ 17,800 $ 16,700  
Equity, Class of Treasury Stock [Line Items]                  
Shares repurchased $ 51,965 $ 23,188 $ 51,342 $ 72,519 $ 55,238 $ 24,031      
2021 Repurchase Program                  
Equity, Class of Treasury Stock [Line Items]                  
Share repurchase program, amount authorized                 $ 500,000
Shares repurchased (in shares) 684,819           1,608,325    
Shares repurchased $ 50,100           $ 108,700    
Share repurchase program, amount remaining available $ 362,500           $ 362,500    
v3.22.2.2
Income Taxes (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Jan. 28, 2023
Income Tax Contingency [Line Items]          
Effective tax rate 26.80% 20.00% 25.10% 22.60%  
Forecast          
Income Tax Contingency [Line Items]          
Effective tax rate         27.50%
v3.22.2.2
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 896,920 $ 751,920 $ 751,920
Fair Value 896,920 752,053 751,857
First Lien Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 601,920 701,920 701,920
Fair Value 601,920 702,053 701,857
ABL Revolving Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 295,000 0 0
Fair Value 295,000    
ABL Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 0 50,000 50,000
Fair Value   $ 50,000 $ 50,000
v3.22.2.2
Earnings Per Share - Basic and Diluted Weighted-Average Shares of Common Stock Outstanding (Details) - shares
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Earnings Per Share [Abstract]        
Weighted-average shares of common stock outstanding, used for basic computation (in shares) 134,090,784 135,581,539 134,225,429 135,603,891
Plus: Incremental shares of potentially dilutive securities (in shares) 2,530,563 2,423,188 2,404,829 2,684,061
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding (in shares) 136,621,347 138,004,727 136,630,258 138,287,952
v3.22.2.2
Earnings Per Share - Anti-Dilutive Restricted Shares and Stock Options (Details) - shares
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Restricted shares        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Antidilutive securities excluded from computation of diluted earnings per share (in shares) 0 1,933 96,346 42,483
Restricted Stock Units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Antidilutive securities excluded from computation of diluted earnings per share (in shares) 0 0 3,937 0
ESPP        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Antidilutive securities excluded from computation of diluted earnings per share (in shares) 0 0 170 0
v3.22.2.2
Derivative Financial Instruments - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 30, 2021
USD ($)
Apr. 30, 2021
USD ($)
Nov. 13, 2018
derivative_instrument
Oct. 29, 2022
USD ($)
Oct. 30, 2021
USD ($)
Oct. 29, 2022
USD ($)
Oct. 30, 2021
USD ($)
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 $ 8,331 $ 0 $ 8,331 $ 2,156  
Derivative gains       0 4,600 800 12,900    
Interest expense       $ 0 $ 1,800 $ 300 $ 5,100    
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              
v3.22.2.2
Derivative Financial Instruments - Fair Values of Derivative Instruments (Details) - USD ($)
$ in Thousands
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Derivatives, Fair Value [Line Items]      
Notional Amount $ 1,200,000    
Fair Value 0 $ (2,156) $ (8,331)
Interest Rate Swap 1      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 600,000    
Fixed Rate 3.00%    
Fair Value $ 0 $ (1,540) $ (5,952)
Derivative liabilities, location Accrued expenses and other current liabilities Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Interest Rate Swap 2      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 360,000    
Fixed Rate 3.00%    
Fair Value $ 0 $ 0 $ 0
Derivative liabilities, location Accrued expenses and other current liabilities Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Interest Rate Swap 3      
Derivatives, Fair Value [Line Items]      
Notional Amount $ 240,000    
Fixed Rate 3.00%    
Fair Value $ 0 $ (616) $ (2,379)
Derivative liabilities, location Accrued expenses and other current liabilities Accrued expenses and other current liabilities Accrued expenses and other current liabilities
v3.22.2.2
Acquisitions - Narrative (Details) - Burris Logistics - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 02, 2022
Oct. 29, 2022
Oct. 29, 2022
Business Acquisition [Line Items]      
Consideration paid $ 375.6    
Transaction costs   $ 0.9 $ 12.3
Revenue of acquiree   $ 18.2 $ 40.0
v3.22.2.2
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 6 Months Ended
Oct. 29, 2022
May 02, 2022
Jan. 29, 2022
Oct. 30, 2021
Assets:        
Goodwill $ 1,008,816   $ 924,134 $ 924,134
Burris Logistics        
Assets:        
Property and equipment, net 203,400 $ 203,400    
Merchandise inventories 88,072 88,072    
Goodwill 84,683 84,683    
Operating lease right-of-use assets, net 16,569 15,994    
Prepaid expenses and other current assets 433 433    
Intangibles, net 100 100    
Total Assets 393,257 392,682    
Liabilities:        
Long-term operating lease liabilities (16,569) (15,994)    
Accrued expenses and other current liabilities (1,106) (1,106)    
Total Liabilities (17,675) (17,100)    
Total consideration paid, including working capital adjustments 375,582 $ 375,582    
Adjustments        
Operating lease right-of-use assets, net 575      
Total Assets 575      
Long-term operating lease liabilities (575)      
Total Liabilities $ (575)