BJ's Wholesale Club Holdings, Inc 10-K for FY2021

BJ's Wholesale Club Holdings, Inc. (BJ)

10-K 2021-03-19 For: 2021-01-30

Added on April 12, 2026

About this 10-K

BJ's Wholesale Club Holdings, Inc filed this 10-K on March 19, 2021, covering the fiscal year ended January 30, 2021 (FY2021).

Headline figures

Fiscal year ended January 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $15.43B; up 17.0% from $13.19B a year earlier
Net income: $421.03M; up 124.9% from net income of $187.18M a year earlier
Diluted EPS: $3.03; up 124.4% from $1.35 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Title of each class	Trading symbol (s)	Name of each exchange on which registered
Common Stock, par value $0.01	BJ	New York Stock Exchange

Large accelerated filer	☒	Accelerated Filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

PART I		Page No
Item 1.	Business	6
Item 1A.	Risk Factors	12
Item 1B.	Unresolved Staff Comments	24
Item 2.	Properties	2 4
Item 3.	Legal Proceedings	24
Item 4.	Mine Safety Disclosures	2 4
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	25
Item 6.	Selected Financial Data	27
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 7A.	Quantitative and Qualitative Disclosure about Market Risk	37
Item 8.	Financial Statements and Supplementary Data	38
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	70
Item 9A.	Controls and Procedures	70
Item 9B.	Other Information	70
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	71
Item 11.	Executive Compensation	71
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	71
Item 13.	Certain Relationships and Related Party Transactions, and Director Independence	71
Item 14.	Principal Accountant Fees and Services	71
PART IV
Item 15.	Exhibits and Financial Statement Schedules	72
Item 16.	Form 10-K Summary	75
	Signatures	76

Market	Club Count
New York		45
Florida		33
Massachusetts		25
New Jersey		23
Pennsylvania		17
Connecticut		13
Virginia		13
Maryland		12
North Carolina		9
New Hampshire		6
Ohio		6
Georgia		5
Delaware		4
Maine		3
Michigan		3
Rhode Island		3
South Carolina		1

	June 28, 2018		February 2, 2019		August 3, 2019		February 1, 2020		August 1, 2020		January 30, 2021
BJ's Wholesale Club, Inc.	$	100.00	$	120.32	$	107.14	$	93.27	$	182.05	$	191.23
S&P 500		100.00		99.64		107.94		118.75		120.43		136.74
S&P 500 Retail		100.00		95.22		104.87		113.80		151.07		159.89

Period	Total Number of Shares (or Units) Purchased			Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Programs		Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Be Purchased Under the Plans of Programs ⁽¹⁾
November 1, 2020 - November 28, 2020		178	⁽²⁾	$	38.29		—	$	161,866,883
November 29, 2020 - January 2, 2021		300,000			38.44		300,000		150,334,866
January 3, 2021 - January 30, 2021		—			—		—		150,334,866
Total		300,178			38.44		300,000		150,334,866

	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights			Weighted-average Exercise Price of Outstanding Options, Warrants, and Rights			Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
Plan category:	(a)			(b)			(c)
Equity compensation plans approved by stockholders
2018 Incentive Award Plan ⁽¹⁾		3,453,748	⁽²⁾	$	17.29	⁽³⁾		5,835,226
2011 Stock Option Plan		715,814			6.09			—
2012 Directors Stock Option Plan		58,629			3.89			—
ESPP ⁽⁴⁾		—						991,251	⁽⁵⁾
Total equity compensation plans approved by stockholders		4,228,191						6,826,477
Equity compensation plans not approved by stockholders		—						—
Total equity compensation plans approved and not approved by stockholders		4,228,191						6,826,477

	Fiscal Year Ended
	52 Weeks			52 Weeks			52 Weeks			53 Weeks			52 Weeks
	January 30,			February 1,			February 2,			February 3,			January 28,
	2021			2020			2019 ⁽¹⁾			2018			2017
Statement of operations data:
Net sales	$	15,096,913		$	12,888,556		$	12,724,454		$	12,495,995		$	12,095,302
Membership fee income		333,104			302,151			282,893			258,594			255,235
Total revenues		15,430,017			13,190,707			13,007,347			12,754,589			12,350,537
Cost of sales		12,451,061			10,763,926			10,646,452			10,513,492			10,223,017
Selling, general and administrative expenses		2,326,755			2,059,430			2,051,324			2,017,821			1,908,752
Pre-opening expenses		9,809			15,152			6,118			3,004			2,749
Operating income		642,392			352,199			303,453			220,272			216,019
Interest expense, net		84,385			108,230			164,535			196,724			143,351
Income from continuing operations before income taxes		558,007			243,969			138,918			23,548			72,668
Provision (benefit) for income taxes		136,825			56,212			11,826			(28,427	)		27,968
Income from continuing operations		421,182			187,757			127,092			51,975			44,700
Income (loss) from discontinued operations, net of taxes		(152	)		(581	)		169			(1,674	)		(476	)
Net income	$	421,030		$	187,176		$	127,261		$	50,301		$	44,224
Per share data:
Income from continuing operations per share attributable to common stockholders - basic	$	3.09		$	1.37		$	1.09		$	0.57		$	0.50
Income from continuing operations per share attributable to common stockholders - diluted		3.03			1.35			1.05			0.54			0.48
Weighted-average number of shares outstanding:
Basic		136,111			136,174			116,599			88,386			88,164
Diluted		138,876			139,109			121,135			92,264			90,736
Dividends per share	$	—		$	—		$	—		$	8.31		$	—
Financial position
Total assets	$	5,411,530		$	5,269,780		$	3,239,285		$	3,273,856		$	3,232,219
Outstanding borrowings		1,106,175			1,680,685			1,800,848			2,748,112			2,056,405
Stockholders' equity (deficit)		319,327			(54,344	)		(202,084	)		(1,029,857	)		(347,211	)
Clubs open at end of year		221			217			216			215			214


Statement of Operations Data (dollars in thousands):	Fiscal Year Ended
		January 30, 2021			February 1, 2020			February 2, 2019
Net sales	$	15,096,913		$	12,888,556		$	12,724,454
Membership fee income		333,104			302,151			282,893
Total revenues		15,430,017			13,190,707			13,007,347
Cost of sales		12,451,061			10,763,926			10,646,452
Selling, general and administrative expenses		2,326,755			2,059,430			2,051,324
Pre-opening expenses		9,809			15,152			6,118
Operating income		642,392			352,199			303,453
Interest expense, net		84,385			108,230			164,535
Income from continuing operations before income taxes		558,007			243,969			138,918
Provision for income taxes		136,825			56,212			11,826
Income from continuing operations		421,182			187,757			127,092
Income (loss) from discontinued operations, net of income taxes		(152	)		(581	)		169
Net income	$	421,030		$	187,176		$	127,261
Operational Data:
Total clubs at end of period		221			217			216
Comparable club sales		15.9	%		0.7	%		3.7	%
Merchandise comparable club sales		21.3	%		1.3	%		2.2	%
Adjusted EBITDA	$	857,492		$	581,624		$	578,426
Free cash flow		676,106			179,848			281,190
Membership renewal rate		88	%		87	%		87	%

	Payments Due by Period
*(Dollars in thousands)*	Total		Less than 1 year		1-3 Years		3-5 Years		More than 5 Years
Outstanding borrowings and interest ⁽¹⁾	$	1,167,975	$	280,956	$	887,019	$	—	$	—
Operating leases		3,531,678		329,095		654,061		589,815		1,958,707
Financing leases including interest		30,597		3,439		6,878		7,204		13,076
Purchase obligations ⁽²⁾		1,173,656		1,096,068		45,713		31,875		—
Total	$	5,903,906	$	1,709,558	$	1,593,671	$	628,894	$	1,971,783

	Page
Report of Independent Registered Public Accounting Firm	39
Consolidated Balance Sheets as of January 30, 2021 and February 1, 2020	41
Consolidated Statements of Operations and Comprehensive Income for the Fiscal Years Ended January 30, 2021, February 1, 2020 and February 2, 2019	42
Consolidated Statements of Contingently Redeemable Common Stock and Stockholders' Equity (Deficit) for the Fiscal Years Ended January 30, 2021, February 1, 2020 and February 2, 2019	43
Consolidated Statements of Cash Flows for the Fiscal Years Ended January 30, 2021, February 1, 2020 and February 2, 2019	44
Notes to Consolidated Financial Statements	45

	*January 30, 2021*			*February 1, 2020*
ASSETS
Current assets:
Cash and cash equivalents	$	43,518		$	30,204
Accounts receivable, net		172,719			206,353
Merchandise inventories		1,205,695			1,081,502
Prepaid expenses and other current assets		48,649			41,961
Total current assets		1,470,581			1,360,020
Operating lease right-of-use assets, net		2,058,763			2,060,059
Property and equipment:
Land and buildings		385,572			375,375
Leasehold costs and improvements		249,073			214,209
Furniture, fixtures and equipment		1,298,440			1,135,892
Construction in progress		23,633			51,741
		1,956,718			1,777,217
Less: accumulated depreciation and amortization		(1,158,929	)		(1,017,009	)
Total property and equipment, net		797,789			760,208
Goodwill		924,134			924,134
Intangibles, net		135,123			146,985
Deferred income taxes		5,737			—
Other assets		19,403			18,374
Total assets	$	5,411,530		$	5,269,780
LIABILITIES
Current liabilities:
Current portion of long-term debt	$	260,000		$	343,377
Current portion of operating lease liabilities		131,513			123,751
Accounts payable		988,074			786,412
Accrued expenses and other current liabilities		651,625			547,876
Total current liabilities		2,031,212			1,801,416
Long-term operating lease liabilities		1,988,840			1,986,790
Long-term debt		846,175			1,337,308
Deferred income taxes		45,096			46,200
Other non-current liabilities		180,880			152,410
Commitments and contingencies (see Note 8)
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock; $0.01 par value; 5,000 shares authorized, no shares issued or outstanding		—			—
Common stock; $0.01 par value; 300,000 shares authorized, 143,428 shares issued and 137,192 shares outstanding at January 30, 2021; 300,000 shares authorized, 140,723 shares issued and 137,298 shares outstanding at February 1, 2020		1,434			1,407
Additional paid-in capital		826,377			773,618
Accumulated deficit		(295,339	)		(716,369	)
Accumulated other comprehensive loss		(20,528	)		(26,586	)
Treasury stock, at cost, 6,236 shares at January 30, 2021 and 3,425 shares at February 1, 2020		(192,617	)		(86,414	)
Total stockholders’ equity (deficit)		319,327			(54,344	)
Total liabilities and stockholders’ equity (deficit)	$	5,411,530		$	5,269,780

	*Fiscal Year Ended*			*Fiscal Year Ended*			*Fiscal Year Ended*
	*January 30, 2021*			*February 1, 2020*			*February 2, 2019*
Net sales	$	15,096,913		$	12,888,556		$	12,724,454
Membership fee income		333,104			302,151			282,893
Total revenues		15,430,017			13,190,707			13,007,347
Cost of sales		12,451,061			10,763,926			10,646,452
Selling, general and administrative expenses		2,326,755			2,059,430			2,051,324
Pre-opening expense		9,809			15,152			6,118
Operating income		642,392			352,199			303,453
Interest expense, net		84,385			108,230			164,535
Income from continuing operations before income taxes		558,007			243,969			138,918
Provision for income taxes		136,825			56,212			11,826
Income from continuing operations		421,182			187,757			127,092
Income (loss) from discontinued operations, net of income taxes		(152	)		(581	)		169
Net income	$	421,030		$	187,176		$	127,261
Income per share attributable to common stockholders — basic:
Income from continuing operations	$	3.09		$	1.38		$	1.09
Loss from discontinued operations		—			(0.01	)		—
Net income	$	3.09		$	1.37		$	1.09
Income per share attributable to common stockholders — diluted:
Income from continuing operations	$	3.03		$	1.35		$	1.05
Loss from discontinued operations		—			—			—
Net income	$	3.03		$	1.35		$	1.05
Weighted-average number of common shares outstanding:
Basic		136,111			136,174			116,599
Diluted		138,876			139,109			121,135
Other comprehensive income (loss):
Postretirement medical plan adjustment, net of income tax of $12, $385 and $94, respectively	$	(33	)	$	(990	)	$	240
Amounts reclassified from other comprehensive income (loss), net of tax		6,081			-			-
Unrealized gain (loss) on cash flow hedge, net of income tax of $4, $5,554 and $5,454, respectively		10			(14,281	)		(13,956	)
Total other comprehensive income (loss)		6,058			(15,271	)		(13,716	)
Total comprehensive income	$	427,088		$	171,905		$	113,545

	*Contingently Redeemable Common Stock*					*Common Stock*				*Additional Paid-in*			*Accumulated*			*Accumulated Other Comprehensive*		*Treasury Stock*						*Total Stockholders’ Equity*
	*Shares*			*Amount*		*Shares*		*Amount*		*Capital*			*Deficit*			*Loss*		*Shares*			*Amount*			*(Deficit)*
Balance, February 3, 2018	1,456		$	10,438		87,073	$	871	$	2,883		$	(1,036,012	)	$	2,401		—		$	—		$	(1,029,857	)
Net income	—			—		—		—		—			127,261			—		—			—			127,261
Postretirement medical plan adjustment, net of tax	—			—		—		—		—			—			240		—			—			240
Unrealized loss on cash flow hedge, net of tax	—			—		—		—		—			—			(13,956	)	—			—			(13,956	)
Dividends paid	—			—		—		—		(25	)		—			—		—			—			(25	)
Common stock issued for public offering, net of related fees	—			—		43,125		431		685,458			—			—		—			—			685,889
Common stock issued under stock incentive plans	—			—		4,875		49		(49	)		—			—		—			—			—
Stock reclassification as a result of public offering	(1,736	)		(13,202	)	1,736		17		13,185			—			—		—			—			13,202
Common stock issued related to follow-on offering	—			—		1,290		13		(13	)		—			—		—			—			—
Common stock repurchased upon vesting of stock awards	—			—		—		—		—			—			—		(782	)		(19,109	)		(19,109	)
Stock compensation expense	—			—		—		—		57,677			—			—		—			—			57,677
Options exercised prior to public offering	280			2,792		—		—		(2,210	)		—			—		—			—			(2,210	)
Call of shares prior to public offering	—			(28	)	—		—		(12	)		—			—		—			—			(12	)
Net shares used to pay tax withholdings upon option exercise	—			—		—		—		(22,883	)		—			—		—			—			(22,883	)
Net cash received on option exercises	—			—		—		—		8,061			—			—		—			—			8,061
Cumulative effect of change in accounting principle	—			—		—		—		—			(6,362	)		—		—			—			(6,362	)
Balance, February 2, 2019	—		$	—		138,099	$	1,381	$	742,072		$	(915,113	)	$	(11,315	)	(782	)	$	(19,109	)	$	(202,084	)
Net income	—			—		—		—		—			187,176			—		—			—			187,176
Postretirement medical plan adjustment, net of tax	—			—		—		—		—			—			(990	)	—			—			(990	)
Unrealized loss on cash flow hedge, net of tax	—			—		—		—		—			—			(14,281	)	—			—			(14,281	)
Dividends paid	—			—		—		—		(25	)		—			—		—			—			(25	)
Common stock issued under stock incentive plans	—			—		2,536		25		(25	)		—			—		—			—			—
Common stock issued under ESPP plan	—			—		88		1		1,728			—			—		—			—			1,729
Stock compensation expense	—			—		—		—		18,796			—			—		—			—			18,796
Net cash received on option exercises	—			—		—		—		11,072			—			—		—			—			11,072
Treasury stock purchases	—			—		—		—		—			—			—		(2,643	)		(67,305	)		(67,305	)
Cumulative effect of change in accounting principle	—			—		—		—		—			11,568			—		—			—			11,568
Balance, February 1, 2020	—		$	—		140,723	$	1,407	$	773,618		$	(716,369	)	$	(26,586	)	(3,425	)	$	(86,414	)	$	(54,344	)
Net income	—			—		—		—		—			421,030			—		—			—			421,030
Postretirement medical plan adjustment, net of tax	—			—		—		—		—			—			(33	)	—			—			(33	)
Unrealized loss on cash flow hedge, net of tax	—			—		—		—		—			—			10		—			—			10
Amounts reclassified from other comprehensive income, net of tax	—			—		—		—		—			—			6,081		—			—			6,081
Dividends paid	—			—		—		—		(25	)		—			—		—			—			(25	)
Common stock issued under stock incentive plans	—			—		2,598		26		(26	)		—			—		—			—			—
Common stock issued under ESPP plan	—			—		107		1		2,675			—			—		—			—			2,676
Stock compensation expense	—			—		—		—		32,150			—			—		—			—			32,150
Net cash received on option exercises	—			—		—		—		17,985			—			—		—			—			17,985
Treasury stock purchases	—			—		—		—		—			—			—		(2,811	)		(106,203	)		(106,203	)
Balance, January 30, 2021	—		$	—		143,428	$	1,434	$	826,377		$	(295,339	)	$	(20,528	)	(6,236	)	$	(192,617	)	$	319,327

	*Fiscal Year*
	*2020*			*2019*			*2018*
Grocery ⁽¹⁾		77	%		72	%		73	%
General merchandise and services		14	%		15	%		14	%
Gasoline and other		9	%		13	%		13	%

	*January 30, 2021*			*February 1, 2020*
Operating lease cost	$	327,325		$	322,346
Finance lease cost:
Amortization of right-of-use assets		564			1,128
Interest on lease liabilities		3,965			2,503
Total finance lease costs		4,529			3,631
Sublease income		(251	)		—
Variable lease costs		230			98
Net lease costs	$	331,833		$	326,075

	*Operating Leases*			*Finance Leases*
Weighted-average remaining lease term (in years)		9.1			8.3
Weighted-average discount rate percentage		8.1	%		8.3	%

Operating cash flows paid for operating leases	$	317,997
Operating cash flows paid for interest portion of finance leases		3,965
Financing cash flows paid for principal portion of finance leases		984

Fiscal Year	*Operating Leases*			*Finance Leases*
2021	$	329,095		$	3,439
2022		331,441			3,439
2023		322,620			3,439
2024		303,559			3,439
2025		286,256			3,766
Thereafter		1,958,707			13,076
Total future minimum lease payments		3,531,678			30,598
Less: imputed interest		(1,411,325	)		(15,378	)
Present value of lease liabilities	$	2,120,353		$	15,220

	*January 30, 2021*			*February 1, 2020*
ABL Facility	$	310,000		$	378,000
First Lien Term Loan		801,920			1,315,216
Unamortized debt discount and debt issuance costs		(5,745	)		(12,531	)
Less: Current portion		(260,000	)		(343,377	)
Long-term debt	$	846,175		$	1,337,308

Fiscal Year:	*Principal Payments*
2021	$	260,000
2022		—
2023		851,920
2024		—
2025		—
Thereafter		—
Total	$	1,111,920

	*January 30, 2021*
	*Gross Carrying Amount*		*Accumulated Amortization*			*Net Amount*
Goodwill	$	924,134	$	—		$	924,134

Intangible Assets Not Subject to Amortization:
BJ’s trade name	$	90,500	$	—		$	90,500

Intangible Assets Subject to Amortization:
Member relationships		245,000		(202,266	)		42,734
Private label brands		8,500		(6,611	)		1,889
Total intangible assets	$	344,000	$	(208,877	)	$	135,123

	*Intangible Assets*
2021	$	10,483
2022		9,230
2023		7,866
2024		6,517
2025		5,630

*(Options in thousands)*	*Number of Securities to be Issued Upon Exercise of Outstanding Options*			*Weighted- average Exercise Price*		*Weighted-average Remaining Contractual Life (in years)*
Outstanding, beginning of period		5,213		$	14.00
Granted		441			25.07
Forfeited		(91	)		21.78
Exercised		(1,890	)		9.41
Outstanding, end of period		3,673			17.50		7.3
Vested and expected to vest, end of period		3,673			17.50		7.3
Exercisable, end of period		2,285			14.33		6.8

	*Restricted Stock*					*Restricted Stock Units*					*Performance Stock*
*(Shares in thousands)*	*Shares*			*Weighted-average Grant-Date Fair Value*		*Shares*			*Weighted-average Grant-Date Fair Value*		*Shares*		*Weighted-average Grant-Date Fair Value*
Outstanding, beginning of period		1,445		$	25.22		30		$	25.83		—	$	—
Granted		773			26.95		31			33.38		527		23.96
Forfeited		(98	)		24.49		—			—		—		—
Vested		(545	)		24.69		(32	)		25.41		—		—
Outstanding, end of period		1,575		$	26.29		29		$	34.54		527	$	23.96

	*January 30, 2021*			*February 1, 2020*
Deferred tax assets:
Operating lease liability	$	593,699		$	590,952
Self-insurance reserves		34,272			28,459
Rental step liabilities		—			266
Compensation and benefits		28,549			14,583
Interest		—			4,281
Capital lease and financing obligations		2,881			2,061
Interest rate swap		8,620			10,988
Environment clean up reserve		4,450			4,027
Startup costs		2,413			2,838
Other		18,412			16,959
Total deferred tax assets	$	693,296		$	675,414

Deferred tax liabilities:
Operating lease right-of-use assets	$	576,425		$	576,787
Fixed assets		104,458			90,317
Intangible assets		37,834			41,156
Debt costs		1,849			3,605
Lease incentive gain		525			735
Other		11,564			9,014
Total deferred tax liabilities		732,655			721,614
Net deferred tax liabilities	$	(39,359	)	$	(46,200	)

	*January 30, 2021*			*February 1, 2020*
Discount rate		1.74	%		3.04	%
Health care cost trend rate assumed for next year		6.00	%		6.50	%
Ultimate trend rate		5.00	%		5.00	%
Year that the rate reaches the ultimate trend rate	2024			2024

Fiscal Year	*Future Minimum Payments*
2021	$	553
2022		602
2023		568
2024		485
2025		404
2026 to 2030		249
Total	$	2,861

	*January 30, 2021*		*February 1, 2020*
Deferred membership fee income	$	155,580	$	143,969
Employee compensation		132,341		70,481
Outstanding checks and payables		119,761		97,610
Insurance reserves		46,042		48,457
Sales, property, use and other taxes		43,803		32,442
BJ’s Perks rewards		34,452		35,952
Other		23,429		17,599
Utilities, advertising and accrued interest		22,809		16,166
Deferred revenues		18,118		30,697
Fixed asset accruals		13,131		11,247
Membership fee income sales and legal reserves		12,360		10,858
Repairs and maintenance		11,347		9,993
Gift cards		10,293		10,298
Professional services		7,371		5,445
Accrued federal and state income taxes		788		6,662
Total	$	651,625	$	547,876

	*January 30, 2021*		*February 1, 2020*
Workers’ compensation and general liability	$	88,982	$	64,882
Co-brand deferred revenue and other		12,579		15,901
Interest rate swap liability		25,279		39,244
Asset retirement obligations		19,329		17,153
Capital leases and financing obligations		14,118		15,230
Deferred wage taxes		20,593		—
Total other non-current liabilities	$	180,880	$	152,410

Accounting for Cash Flow Hedges	*Notional Amount*		*Fixed Rate*			*Balance Sheet Classification*	*January 30, 2021*			*February 1, 2020*
Interest rate swap	$	600,000		3.00	%	Other non-current liabilities	$	(18,828	)	$	(20,035	)
Interest rate swap		360,000		3.00	%	Other non-current liabilities		—			(11,997	)
Interest rate swap		240,000		3.00	%	Other non-current liabilities		(7,525	)		(8,003	)
Net carrying amount	$	1,200,000				*Total liabilities*	$	(26,353	)	$	(40,035	)

	*Carrying Amount*		*Fair Value*
First Lien Term Loan	$	801,920	$	802,256
ABL Facility		310,000		310,000
Total Debt	$	1,111,920	$	1,112,256

	Carrying Amount		Fair Value
First Lien Term Loan	$	1,315,216	$	1,319,990
ABL Facility		378,000		378,000
Total Debt	$	1,693,216	$	1,697,990

(In thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Fiscal Year Ended January 30, 2021
Net sales	$	3,718,040	$	3,871,640	$	3,646,723	$	3,860,510
Total revenue		3,797,605		3,954,130		3,731,669		3,946,613
Gross profit		736,712		756,378		743,272		742,594
Net income		95,734		106,618		122,796		95,882
Basic earnings per share		0.70		0.78		0.90		0.71
Diluted earnings per share		0.69		0.76		0.88		0.69
Fiscal Year Ended February 1, 2020
Net sales	$	3,069,763	$	3,271,145	$	3,152,887	$	3,394,761
Total revenue		3,143,136		3,345,842		3,229,404		3,472,325
Gross profit		574,159		612,757		617,646		622,219
Net income		35,798		54,523		55,092		41,763
Basic earnings per share		0.26		0.40		0.41		0.31
Diluted earnings per share		0.25		0.39		0.40		0.30

Exhibit Number		Exhibit Description
3.1		Second Amended and Restated Certificate of Incorporation of the Company (previously filed as Exhibit 3.1 to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
3.1.1		Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 22, 2020 and incorporated herein by reference).
3.2		Second Amended and Restated Bylaws of the Company (previously filed as Exhibit 3.2 to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
4.1		Description of Company’s Securities (filed herewith).
10.1		Amended and Restated Credit Agreement among BJ’s Wholesale Club, Inc., the Company, Wells Fargo Bank, National Association, as administrative agent and the other lenders and issuers party thereto from time to time, dated as of February 3, 2017 (previously filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
10.1.1		First Amendment to Amended and Restated Credit Agreement by and among BJ’s Wholesale Club, Inc., the Company, Wells Fargo Bank, National Association, as administrative agent and the other lenders party thereto, dated as of August 17, 2018 (previously filed as Exhibit 10.1(a) to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
10.2		First Lien Term Loan Credit Agreement among BJ’s Wholesale Club, Inc., the Company, the lenders party thereto from time to time and Nomura Corporate Funding Americas, LLC, as administrative agent and collateral agent, dated as of February 3, 2017 (previously filed as Exhibit 10.2 to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
10.2.1		Refinancing Amendment to First Lien Term Loan Credit Agreement by and among BJ’s Wholesale Club, Inc., the Company, the lenders party thereto from time to time and Nomura Corporate Funding Americas, LLC, as administrative agent and collateral agent, dated as of August 13, 2018 (previously filed as Exhibit 10.2(a) to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
10.2.2		Second Refinancing Amendment to First Lien Term Loan Credit Agreement, by and among BJ’s Wholesale Club, Inc., the Company, the lenders party thereto from time to time and Nomura Corporate Funding Americas, LLC, as administrative agent and as collateral agent, dated as of January 29, 2020 (previously filed as Exhibit 10.2.2 to the Company’s Annual Report on Form 10-K on March 19, 2020 and incorporated herein by reference).
10.3†		Co-Brand Credit Card Program Agreement by and between Comenity Capital Bank and BJ’s Wholesale Club, Inc., dated as of June 5, 2014 (previously filed as Exhibit 10.3 to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
10.3.1†		Amendment No. 2 to Co-Brand Credit Card Program Agreement by and between Comenity Capital Bank and BJ’s Wholesale Club, Inc., dated as of January 16, 2015 (previously filed as Exhibit 10.3(a) to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
10.3.2†		Amendment No. 3 to Co-Brand Credit Card Program Agreement by and between Comenity Capital Bank and BJ’s Wholesale Club, Inc., dated as of June 28, 2016 (previously filed as Exhibit 10.3(b) to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
10.4#		Employment Agreement between Robert W. Eddy and BJ’s Wholesale Club, Inc., dated as of January 30, 2011 (previously filed as Exhibit 10.8 to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).
10.5#		Employment Agreement between Lee Delaney BJ’s Wholesale Club, Inc., dated as of January 30, 2020 (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-38559) on February 4, 2020 and incorporated herein by reference).
10.6#		Amended and Restated Employment Agreement between Brian Poulliot and BJ’s Wholesale Club, Inc., dated as of December 6, 2018 (previously filed as Exhibit 10.10 to the Company’s Registration Statement on Form S-1 (File No. 333-229593) on February 11, 2019 and incorporated herein by reference).