BJS Wholesale Club 8-K Provides Earnings Guidance for 2009

Exhibit 99.1

News

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

BJ’S WHOLESALE CLUB ANNOUNCES Q-4 AND FULL YEAR RESULTS FOR 2008:

PROVIDES EARNINGS GUIDANCE FOR 2009

NATICK, MA — March 4, 2009 —BJ’s Wholesale Club, Inc. (NYSE: BJ)today reported net income of $52.7 million, or $0.91 per diluted share, for the fourth quarter ended January 31, 2009. These results included post-tax income of $1.3 million, or $0.02 per diluted share, related to favorable state income tax audit settlements. Adjusting for the income tax audit settlements, on a non-GAAP basis, net income was $51.3 million, or $0.89 per diluted share.

For the fourth quarter ended February 2, 2008, net income was $50.2 million, or $0.80 per diluted share.

Fourth Quarter	2008						2007
($ in millions except per share amounts)	$			Diluted EPS			$		Diluted EPS
Reported net income GAAP	$	52.7		$	0.91		$	50.2	$	0.80
Post-tax adjustment:
Income from favorable state income tax audits	$	(1.3	)	$	(0.02	)		—		—
Adjusted net income non-GAAP	$	51.3		$	0.89		$	50.2	$	0.80
# of Shares (in thousands)		57,774						62,680

For the full year 2008, net income was $134.6 million, or $2.28 per diluted share. These results included, on a per diluted share basis, unusual income of $0.06 for favorable state income tax audit settlements, and unusual expense of $0.01 for the club closing reserve. Adjusting for the foregoing items, adjusted net income on a non-GAAP basis was $131.8 million, or $2.23 per diluted share for 2008.

For the full year 2007, net income was $122.9 million, or $1.90 per diluted share. These results included, on a per diluted share basis, unusual income of $0.05 for favorable state income tax audit settlements, $0.04 for a ProFoods lease reserve adjustment, and $0.01 from the sale of pharmacy assets during the first quarter. Adjusting for the foregoing items, adjusted net income on a non-GAAP basis was $116.3 million, or $1.80 per diluted share for 2007.

Full Year	2008						2007
($ in millions except per share amounts)	$			Diluted EPS			$			Diluted EPS
Reported net income GAAP	$	134.6		$	2.28		$	122.9		$	1.90
Post-tax adjustments:
Income from favorable state income tax audits	$	(3.3	)	$	(0.06	)	$	(3.6	)	$	(0.05	)
Expense for club closing reserve	$	0.5		$	0.01			—			—
Income from a ProFoods lease reserve adjustment							$	(2.4	)	$	(0.04	)
Income from the sale of Pharmacy assets							$	(0.6	)	$	(0.01	)
Subtotal of unusual items	$	(2.8	)	$	(0.05	)	$	(6.5	)	$	(0.10	)
Adjusted net income non-GAAP	$	131.8		$	2.23		$	116.3		$	1.80
# of Shares (in thousands)		58,949						64,557

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BJ’s Wholesale Club

March 4, 2009

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Net sales for the fourth quarter of 2008 rose by 3.2% to $2.5 billion and comparable club sales increased by 1.7%, including an unfavorable impact from sales of gasoline of 4.7%. Merchandise comparable club sales excluding gas increased by 6.4%.

Net sales for the full year 2008 increased by 11.5% to $9.8 billion and comparable club sales increased by 9.4%, including a favorable impact from sales of gasoline of 3.0%. Merchandise comparable club sales excluding gas increased by 6.4%.

During the fourth quarter of 2008, the Company repurchased 1.8 million shares of BJ’s common stock at an average cost of $31.12 per share, for a total expenditure of approximately $57 million. For the year, BJ’s repurchased 5.1 million shares of common stock at an average cost of $33.69 per share, for a total expenditure of approximately $170 million. As of January 31, 2009, the end of the fiscal year, approximately $209 million remained available for repurchase under the existing Board authorization. The Company subsequently spent approximately $70 million on share repurchases in February, 2009.

Outlook for 2009

For 2009, the Company is planning for net income of $123 to $129 million, or $2.26 to $2.36 per diluted share. The earnings per share estimate is based on fully diluted shares in the range of 54 to 55 million, and assumes total share repurchases of approximately $100 million.

BJ’s management will host a conference call today at 8:30 a.m. ET to discuss information included in this press release and related matters. The conference call will be available through webcast and replay from BJ’s investor relations website at http://www.bjsinvestor.com/events.cfm.

February, 2009 Sales Results

In a separate release, the Company also announced today its sales results for February 2009.

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 180 BJ’s Wholesale clubs in 15 states. BJ’s press releases and filings with the SEC are available on the Internet at www.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 related to favorable income tax audit settlements and the expense related to the Company’s reserve for closed clubs in 2008, as well as the income tax audit settlements, the Pro Foods lease reserve adjustment and the sale of pharmacy assets in 2007, are outside the ordinary course of the Company’s business, and that such income and expense are not expected 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.

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BJ’s Wholesale Club

March 4, 2009

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Forward-Looking Statements

Statements contained in this press release that are not purely historical, including earnings guidance, 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 gasoline profitability, levels of customer demand, economic and weather conditions, state and local regulation in the Company’s markets, competitive conditions, success in settling lease obligations for closed clubs and credit and debit card claims, and other factors discussed in the Company’s Annual Report on SEC Form 10-K for the fiscal year ended February 2, 2008 and subsequent quarterly reports on SEC Form 10-Q for the fiscal year ended January 31, 2009. Any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimate 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
	January 31, 2009			February 2, 2008			January 31, 2009			February 2, 2008
Net sales	$	2,502,085		$	2,424,537		$	9,802,237		$	8,791,618
Membership fees		44,655			44,530			177,530			175,782
Other revenues		11,249			10,817			47,599			47,065
Total revenues		2,557,989			2,479,884			10,027,366			9,014,465
Cost of sales, including buying and occupancy costs		2,268,147			2,205,901			9,003,978			8,090,581
Selling, general and administrative expenses		201,930			187,954			798,725			724,077
Preopening expenses		2,059			1,151			3,736			4,555
Operating income		85,853			84,878			220,927			195,252
Interest income (expense), net		(29	)		1,432			764			3,742
Income from continuing operations before income taxes		85,824			86,310			221,691			198,994
Provision for income taxes		33,017			35,611			85,871			77,613
Income from continuing operations		52,807			50,699			135,820			121,381
Income (loss) from discontinued operations, net of income taxes		(148	)		(456	)		(1,237	)		1,480
Net income	$	52,659		$	50,243		$	134,583		$	122,861
Basic earnings per common share:
Income from continuing operations	$	0.93		$	0.82		$	2.34		$	1.91
Income (loss) from discontinued operations		(0.01	)		(0.01	)		(0.02	)		0.02
Net income	$	0.92		$	0.81		$	2.32		$	1.93
Diluted earnings per common share:
Income from continuing operations	$	0.91		$	0.81		$	2.30		$	1.88
Income (loss) from discontinued operations		—			(0.01	)		(0.02	)		0.02
Net income	$	0.91		$	0.80		$	2.28		$	1.90
Number of common shares for earnings per share computations:
Basic		56,906,967			61,792,832			58,058,061			63,669,088
Diluted		57,773,814			62,680,059			58,948,955			64,557,393
BJ’s clubs in operation - end of period		180			177

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED BALANCE SHEETS (Unaudited)

(Dollars in Thousands)

	January 31, 2009		February 2, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	51,157	$	97,314
Accounts receivable		124,498		115,228
Merchandise inventories		859,520		877,466
Current deferred income taxes		13,936		26,340
Prepaid expenses		27,364		28,991
Total current assets		1,076,475		1,145,339
Property, net of depreciation		914,578		874,453
Deferred income taxes		8,033		4,321
Other assets		22,350		22,406
TOTAL ASSETS	$	2,021,436	$	2,046,519
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	567	$	529
Accounts payable		583,367		622,965
Closed store lease obligations		2,006		1,726
Accrued expenses and other current liabilities		322,759		321,214
Total current liabilities		908,699		946,434
Long-term debt, less portion due within one year		1,148		1,715
Noncurrent closed store lease obligations		9,336		10,633
Other noncurrent liabilities		117,449		107,245
Stockholders’ equity		984,804		980,492
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,021,436	$	2,046,519

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in Thousands)

	Fiscal Year Ended
	January 31, 2009			February 2, 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	134,583		$	122,861
Provision for (reversal of) closing and impairment costs		1,371			(2,847	)
Depreciation and amortization		107,609			106,403
Share-based compensation expense		19,398			19,018
Deferred income taxes		8,507			1,213
(Increase) decrease in merchandise inventories, net of accounts payable		(18,272	)		28,422
Decrease in closed store lease obligations		(2,269	)		(3,309	)
Other		(26,986	)		33,050
Net cash provided by operating activities		223,941			304,811
CASH FLOWS FROM INVESTING ACTIVITIES
Property additions		(138,039	)		(89,857	)
Property disposals		8,722			118
Purchase of marketable securities		(245	)		(1,510	)
Sale of marketable securities		349			1,614
Net cash used in investing activities		(129,213	)		(89,635	)
CASH FLOWS FROM FINANCING ACTIVITIES
Excess tax benefit from exercise of stock options		3,338			3,001
Purchase of treasury stock		(170,163	)		(225,628	)
Proceeds from issuance of common stock		26,494			49,405
Dividends paid		(25	)		(25	)
Repayment of long-term debt		(529	)		(492	)
Net cash used in financing activities		(140,885	)		(173,739	)
Net increase (decrease) in cash and cash equivalents	$	(46,157	)	$	41,437

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1. During 2008, the Company recorded post-tax expense of $0.5 million, or $.01 per diluted share, to increase its reserve for closed clubs. This expense was recorded in the third quarter.

2. Also in 2008, the Company recorded post-tax income of $3.3 million, or $.06 per diluted share, as a result of favorable state income tax audit settlements. The full year amount included favorable settlements of $1.3 million, or $.02 per diluted share, in the fourth quarter.

3. During 2007, the Company recorded post-tax income of $3.6 million, or $.05 per diluted share, as a result of favorable state income tax audit settlements; $2.4 million, or $.04 per diluted share, as a result of settling the lease for one of the two ProFoods clubs which closed in January 2007; and $0.6 million, or $.01 per diluted share, in connection with completing the closing of BJ’s pharmacies in the first quarter. The tax audit and the ProFoods lease settlements occurred in the second quarter.

4. Certain amounts in the prior year financial statements have been reclassified for comparative purposes. Refer to Item 7.01 in the Company’s report filed on Form 8-K on November 19, 2008 for additional information.