BJS Wholesale Club 8-K BJ’S Wholesale Club Announces Fourth Quarter

Exhibit 99.1

	News
FOR IMMEDIATE RELEASE

Contact: Cathy Maloney, VP Investor Relations, 508-651-6650cmaloney@bjs.com

BJ’S WHOLESALE CLUB ANNOUNCES FOURTH QUARTER

AND FULL YEAR RESULTS

NATICK, MA — March 7, 2007—BJ’s Wholesale Club, Inc. (NYSE: BJ) today reported net income for the fourth quarter of 2006 of $11.9 million, or $.18 per diluted share, compared to net income of $51.6 million, or $.76 per diluted share for the fourth quarter of 2005. Results for the fourth quarter of 2006 included, on a post-tax, per diluted share basis, approximately $.06 of income for an extra week of sales versus last year, $.44 of expense for unusual items and $.04 of stock-based compensation expense (See chart below). Adjusting for the unusual income and expense items and for stock-based compensation expense, net income for the fourth quarter, on a non-GAAP basis, would have been $.59 per diluted share.

Results for the fourth quarter of 2005 included $.01 per diluted share of unusual expense to increase the Company’s reserve for credit card claims and $0.2 million in stock-based compensation expense. Adjusting for the unusual expense item, net income for the fourth quarter of 2005, on a non-GAAP basis, would have been $.77 per diluted share.

Fourth Quarter	2006						2005
($ in millions except per share amounts)	$			Diluted EPS			$		Diluted EPS
Reported net income GAAP	$	11.9		$	.18		$	51.6	$	.76
Post tax adjustments:
ProFoods closing expense		15.2			.23			—		—
Asset impairment expense		4.9			.08			—		—
Pharmacy closing expense		4.3			.07			—		—
Severance expense		2.9			.04			—		—
Credit card claim reserve		1.2			.02			0.6		.01
Subtotal of expense for unusual items		28.5			.44			0.6		.01
Stock-based compensation expense		2.4			.04			0.2		N/A
Income from 53rd week of sales		(4.0	)		(.06	)		—		—
Adjusted net income non-GAAP	$	38.8		$	.59		$	52.3	$	.77
# of Shares (in thousands)		65,191						68,007

Net sales for the fourth quarter of 2006, based on 14 weeks of sales in 2006 and 13 weeks of sales in 2005, rose by 13.4% to $2.4 billion. Comparable club sales for the fourth quarter, based on 14 weeks of sales in both years, increased by 1.5%, including a contribution from gasoline sales of 0.2%.

For the year 2006, which included 53 weeks, net income was $72.0 million, or $1.08 per diluted share, compared to net income of $128.5 million, or $1.87 per diluted share, in 2005, which included 52 weeks. Results for 2006 included, on a post-tax, per diluted share basis, approximately $.09 of unusual income, approximately $.43 of expense for unusual items and $.16 of stock-based compensation expense (See chart below). Adjusting for unusual income and expense items and for stock-based compensation expense, net income for 2006, on a non-GAAP basis, would have been $1.59 per diluted share.

-More-

BJ’s Wholesale Club

March 7, 2007

Page 2

Results for 2005 included, on a per diluted share basis, $.07 of unusual income, $.03 of unusual expense and $.01 of stock-based compensation expense (See chart below). Adjusting for unusual income and expense items, and for stock-based compensation expense, net income for 2005, on a non-GAAP basis, would have been $1.84 per diluted share.

Full Year	2006						2005
($ in millions except per share amounts)	$			Diluted EPS			$			Diluted EPS
Reported net income GAAP	$	72.0		$	1.08		$	128.5		$	1.87
Post tax adjustments:
ProFoods closing expense		15.2			.23			—			—
Asset impairment expense		4.9			.07			—			—
Pharmacy closing expense		4.3			.06			—			—
Severance expense		2.9			.04			—			—
Credit card claim reserve		1.2			.02			2.4			.03
Subtotal of expense for unusual items		28.5			.43			2.4			.03
Stock-based compensation expense		10.9			.16			0.8			.01
Income from 53rd week of sales		(4.0	)		(.06	)		—			—
House2Home adjustments		(2.1	)		(.03	)		(3.1	)		(.04	)
VISA/MC Settlement		—			—			(1.9	)		(.03	)
Adjusted net income non-GAAP	$	105.3		$	1.59		$	126.8		$	1.84
# of Shares (in thousands)		66,388						68,755

Net sales for 2006, based on 53-weeks in 2006 and 52 weeks in 2005, increased by 7.2% to $8.3 billion. Comparable club sales, based on 53 weeks of sales in both years, increased by 1.2%, including a contribution from sales of gasoline of 0.7%.

During the fourth quarter, the Company purchased approximately 527,000 shares of BJ’s common stock at an average cost of $30.22 per share, or approximately $16 million. For the full year, the Company purchased approximately 4.2 million shares at an average cost of $28.43 per share, or approximately $118.4 million, leaving approximately $53.5 million remaining under the current authorization at year-end.

Conference Call Information for Fourth Quarter and Year-End Financial Results

As previously announced, at 8:30 a.m. Eastern Time today, BJ’s management plans to hold a conference call to review fourth quarter and fiscal year results for 2006 and to discuss its outlook for 2007. To access the webcast, visit www.bjsinvestor.com/medialist.cfm to hear the call live, or to listen to an archive of the call, which will be available for approximately ninety days following the call.

About BJ’s Wholesale Club

BJ’s introduced the wholesale club concept to New England in 1984, and has since expanded to become a leading warehouse chain in the eastern United States. The Company currently operates 172 BJ’s Wholesale Clubs in 16 states. BJ’s press releases and filings with the SEC are available on the Internet atwww.bjsinvestor.com.

Non-GAAP Measures

This press release includes the non-GAAP financial measure of adjusted net income. Management uses this non-GAAP measure internally in reviewing the Company’s performance and believes that the presentation of adjusted net income aids investors’ understanding of historical and expected financial results and in the comparability of financial information from period to period. Specifically, management believes that the income received from the House2Home bankruptcy and the 53^rd week of sales, as well as expenses for closing its ProFoods and pharmacy operations, severance, asset impairment and credit card reserve are outside the ordinary course of the Company’s

-More-

BJ’s Wholesale Club

March 7, 2007

Page 3

business, and that such income and expenses will not recur, that the adjustments relating to results from particular arrangements put in place as part of the Company’s 1997 spin-off and are not indicative of the Company’s ongoing operations, and that the credit card provisions relate to specific events that are not reasonably likely to recur. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP.

Forward-Looking Statements

Statements contained in this press release about expected earnings and all other statements that are not purely historical are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements. Factors that may cause or contribute to such differences include, without limitation, levels of customer demand, economic and weather conditions, state and local regulation in the Company’s markets and competitive conditions. These factors are discussed in the Company’s Annual Report on SEC Form 10-K for the fiscal year ended January 28, 2006 and subsequent quarterly reports on Form 10-Q. Any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

- See Attached Financial Tables -

BJ's Wholesale Club, Inc. and Consolidated Subsidiaries

STATEMENTS OF INCOME (Unaudited)

(Dollars in Thousands Except Per Share Amounts)

	Quarter Ended						Fiscal Year Ended
	February 3, 2007			January 28, 2006			February 3, 2007			January 28, 2006
	(14 weeks)			(13 weeks)			(53 weeks)			(52 weeks)
Net sales	$	2,384,836		$	2,102,323		$	8,303,496		$	7,748,184
Membership fees and other		46,361			42,114			176,785			165,919
Total revenues		2,431,197			2,144,437			8,480,281			7,914,103
Cost of sales, including buying and occupancy costs		2,173,001			1,892,609			7,626,789			7,083,642
Selling, general and administrative expenses		206,730			160,423			697,585			604,187
Provision for credit card claims		2,000			1,000			2,000			4,000
Preopening expenses		3,802			4,095			9,524			7,601
Operating income		45,664			86,310			144,383			214,673
Interest income, net		109			1,220			2,638			2,742
Gain on contingent lease obligations		—			110			3,119			4,494
Income from continuing operations before income taxes		45,773			87,640			150,140			221,909
Provision for income taxes		17,314			34,441			57,183			86,503
Income from continuing operations		28,459			53,199			92,957			135,406
Loss from discontinued operations, net of income tax benefit		(16,603	)		(1,557	)		(20,941	)		(6,873	)
Net income	$	11,856		$	51,642		$	72,016		$	128,533
Basic earnings per common share:
Income from continuing operations	$	0.44		$	0.79		$	1.42		$	1.99
Loss from discontinued operations		(0.26	)		(0.02	)		(0.32	)		(0.10	)
Net income	$	0.18		$	0.77		$	1.10		$	1.89
Diluted earnings per common share:
Income from continuing operations	$	0.44		$	0.78		$	1.40		$	1.97
Loss from discontinued operations		(0.26	)		(0.02	)		(0.32	)		(0.10	)
Net income	$	0.18		$	0.76		$	1.08		$	1.87
Number of common shares for earnings per share computations:
Basic		64,227,421			67,344,573			65,530,278			68,005,849
Diluted		65,191,262			68,007,330			66,387,755			68,755,471
Clubs in operation—end of period		172			165

BJ's Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED BALANCE SHEETS (Unaudited)

(Dollars in Thousands)

	February 3, 2007		January 28, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	55,877	$	162,164
Accounts receivable		101,292		101,435
Merchandise inventories		850,902		813,270
Current deferred income taxes		34,633		24,805
Prepaid expenses		26,874		18,195
Total current assets		1,069,578		1,119,869
Property, net of depreciation		900,148		847,425
Other assets		23,085		22,555
TOTAL ASSETS	$	1,992,811	$	1,989,849
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	493	$	460
Accounts payable		560,406		556,968
Closed store lease obligations		735		795
Accrued expenses and other current liabilities		304,944		304,143
Total current liabilities		866,578		862,366
Long-term debt, less portion due within one year		2,243		2,737
Noncurrent closed store lease obligations		14,794		8,159
Other noncurrent liabilities		83,377		75,976
Deferred income taxes		6,430		24,632
Stockholders’ equity		1,019,389		1,015,979
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,992,811	$	1,989,849

BJ's Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in Thousands)

	Fiscal Year Ended
	February 3, 2007			January 28, 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	72,016		$	128,533
Provision for credit card claims		2,000			4,000
Gain on contingent lease obligations		—			(110	)
Provision for closing costs and impairments		44,444			527
Depreciation and amortization		105,253			103,807
Share-based compensation expense		18,467			1,314
Deferred income taxes		(28,030	)		(6,906	)
(Increase) in merchandise inventories, net of accounts payable		(39,243	)		(22,941	)
Decrease in closed store lease obligations		(1,138	)		(7,441	)
Other		(880	)		(8,319	)
Net cash provided by operating activities		172,889			192,464
CASH FLOWS FROM INVESTING ACTIVITIES
Property additions		(190,758	)		(123,129	)
Property disposals		91			53
Purchase of marketable securities		(917	)		(95,825	)
Sale of marketable securities		536			120,625
Net cash used in investing activities		(191,048	)		(98,276	)
CASH FLOWS FROM FINANCING ACTIVITIES
Excess tax benefit from exercise of stock options		2,754			—
Purchase of treasury stock		(118,446	)		(73,234	)
Proceeds from issuance of common stock		28,050			16,105
Repayment of long-term debt		(461	)		(428	)
Dividends paid		(25	)		(25	)
Net cash used in financing activities		(88,128	)		(57,582	)
Net increase (decrease) in cash and cash equivalents	$	(106,287	)	$	36,606

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1. In the first quarter of this year, the Company implemented Statement of Financial Accounting Standards No. 123 (R), “Share-Based Payment,” using the modified prospective application (“MPA”) transition method. Under this approach, the Company began recognizing the fair value of stock options in this year’s first quarter. Prior to this fiscal year, the Company accounted for stock-based employee compensation under APB Opinion No. 25 and related interpretations, and no expense for stock options was reflected in net income, as all options granted under our plans had an exercise price equal to the market value of the underlying common stock on the grant date. We have included stock-based employee compensation for restricted stock in net income in both this year and prior years.

2. During this year’s fourth quarter, the Company closed its two ProFoods Restaurant Supply locations. The operating results and closing costs related to ProFoods are presented in discontinued operations in this year’s statements of income. Last year’s statements of income have been reclassified to include ProFoods’ operating results within discontinued operations.

3. Certain amounts in the prior year’s financial statements have been reclassified for comparative purposes.