BJS Wholesale Club 8-K BJ’S Wholesale Club Announces Earnings for Q-4 and Full Year

Exhibit 99.1

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

BJ’S WHOLESALE CLUB ANNOUNCES EARNINGS FOR Q-4 AND FULL YEAR

Provides Earnings Guidance for 2010

NATICK, MA — March 3, 2010—-BJ’s Wholesale Club, Inc. (NYSE: BJ) today reported net income of $55.1 million, or $1.01 per diluted share, for the fourth quarter ended January 30, 2010. These results included post-tax income of $1.8 million, or $0.03 per diluted share, related to payments the Company received from a class action settlement involving the credit card interchange fees charged by MasterCard and Visa. Fourth quarter results also included post-tax income of $1.7 million, or $0.03 per share, from an adjustment to legal reserves originally established in 2004. Legal claims made against the Company related to these reserves were resolved during the fourth quarter.

Fourth Quarter	2009						2008
($ in millions except per share amounts)	$			Diluted EPS			$			Diluted EPS
Reported net income GAAP	$	55.1		$	1.01		$	52.7		$	0.91
Post-tax adjustments:
Income from favorable state income tax audits		—			—		($	1.3	)	($	0.02	)
Income from MasterCard/VISA Settlement	($	1.8	)	($	0.03	)		—			—
Adjustment to Legal Reserves	($	1.7	)	($	0.03	)		—			—
Subtotal of post-tax adjustments	($	3.5	)	($	0.06	)	($	1.3	)	($	0.02	)
Adjusted net income non-GAAP	$	51.6		$	0.95		$	51.3		$	0.89

For the full year 2009, the Company reported net income of $132.1 million, or $2.42 per diluted share. In addition to the two income items mentioned above in connection with the fourth quarter, full year 2009 results included post-tax expense of $6.9 million, or $0.13 per diluted share to establish a reserve in connection with a proposed settlement of a legal claim. This settlement resolves wage and hour job classification claims.

Full Year	2009						2008
($ in millions except per share amounts)	$			Diluted EPS			$			Diluted EPS
Reported net income GAAP	$	132.1		$	2.42		$	134.6		$	2.28
Post-tax adjustments:
Income from favorable state income tax audits		—			—		($	3.3	)	($	0.06	)
Expense for club closing reserve		—			—		$	0.5		$	0.01
Charge for wage and hour litigation settlement	$	6.9		$	0.13			—			—
Income from MasterCard/VISA Settlement	($	1.8	)	($	0.03	)		—			—
Adjustment to Legal Reserves	($	1.7	)	($	0.03	)		—			—
Subtotal of post-tax adjustments	$	3.4		$	0.06		($	2.8	)	($	0.05	)
Adjusted net income non-GAAP	$	135.6		$	2.48		$	131.8		$	2.23

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BJ’s Wholesale Club

March 3, 2010

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For the fourth quarter ended January 30, 2010, total sales increased by 9.4% to $2.74 billion, and comparable club sales increased by 4.6%, including a contribution from sales of gasoline of 2.3%. For the year ended January 30, 2010, total sales rose by 1.6% to $9.95 billion and comparable club sales decreased by 1.9%, including a negative impact from sales of gasoline of 5.9%. Excluding the impact of gasoline sales, merchandise comparable club sales increased by 4.0% for the full year.

	Q-4 Ended January 30, 2010		Fifty-two Weeks Ended January 30, 2010
Merchandise comparable club sales	2.3	%	4.0	%
Impact of gasoline sales	2.3	%	(5.9	%)
Comparable club sales	4.6	%	(1.9	%)

During the fourth quarter of 2009, the Company repurchased 1.7 million shares of BJ’s common stock at an average cost of $33.17 per share, for a total expenditure of approximately $57.2 million. For the year, BJ’s repurchased 4.1 million shares of common stock at an average cost of $31.08 per share, for a total expenditure of approximately $127.5 million. As of January 30, 2010, approximately $81.1 million remained available for repurchase under the existing Board authorization.

Earnings Guidance for the First Quarter and Fiscal Year Ending January 29, 2011

For fiscal 2010, on a GAAP basis, the Company expects to report net income in the range of $133.1 to $138.1 million, and earnings per diluted share in the range of $2.54 to $2.64. For the first quarter of 2010, on a GAAP basis, the Company expects to report net income in the range of $21.3 to $ 23.7 million and earnings per diluted share in the range of $0.40 to $0.45.

Fourth Quarter and Year End 2009 Earnings Conference Call

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.

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 187 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.

Additional Information

Supplemental financial information, including detailed sales information for the fourth quarter and full year, 2009, and earnings guidance for the first quarter and full year, 2010, which has historically been provided during the

Company’s fourth quarter earnings conference call, is available on the Form 8-K submitted by the Company today to the SEC. To access this information, visitwww.bjsinvestor.com/sec.cfm.

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BJ’s Wholesale Club

March 3, 2010

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Forward-Looking Statements

This press release contains forward-looking statements as defined by The Private Securities Litigation Reform Act of 1995, including the information under the heading “Earnings Guidance for the First Quarter and Fiscal Year Ending January 29, 2011”. 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, the rate of inflation or deflation, federal, state and local regulation in the Company’s markets, federal budgetary and tax policy, litigation, competitive conditions and other factors discussed in the Company’s Annual Report on SEC Form 10-K 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 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
	January 30, 2010			January 31, 2009			January 30, 2010			January 31, 2009
Net sales	$	2,738,341		$	2,502,085		$	9,954,384		$	9,802,237
Membership fees		46,281			44,655			181,872			177,530
Other revenues		13,196			11,249			50,725			47,599
Total revenues		2,797,818			2,557,989			10,186,981			10,027,366
Cost of sales, including buying and occupancy costs		2,482,372			2,268,147			9,080,845			9,003,978
Selling, general and administrative expenses		222,823			201,930			875,238			798,725
Reversal of provision for credit card claims		(2,902	)		—			(2,902	)		—
Preopening expenses		2,697			2,059			10,013			3,736
Operating income		92,828			85,853			223,787			220,927
Interest income (expense), net		(343	)		(29	)		(719	)		764
Income from continuing operations before income taxes		92,485			85,824			223,068			221,691
Provision for income taxes		37,319			33,017			90,533			85,871
Income from continuing operations		55,166			52,807			132,535			135,820
Loss from discontinued operations, net of income taxes		(101	)		(148	)		(399	)		(1,237	)
Net income	$	55,065		$	52,659		$	132,136		$	134,583
Basic earnings per common share:
Income from continuing operations	$	1.04		$	0.93		$	2.47		$	2.34
Loss from discontinued operations		(0.01	)		(0.01	)		—			(0.02	)
Net income	$	1.03		$	0.92		$	2.47		$	2.32
Diluted earnings per common share:
Income from continuing operations	$	1.01		$	0.91		$	2.42		$	2.30
Loss from discontinued operations		—			—			—			(0.02	)
Net income	$	1.01		$	0.91		$	2.42		$	2.28
Number of common shares for earnings per share computations:
Basic		53,236,204			56,906,967			53,543,461			58,058,061
Diluted		54,466,102			57,773,814			54,658,211			58,948,955
BJ’s clubs in operation - end of period		187			180

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED BALANCE SHEETS (Unaudited)

(Dollars in Thousands)

	January 30, 2010		January 31, 2009
ASSETS
Current assets:
Cash and cash equivalents	$	58,752	$	51,157
Accounts receivable		128,137		124,498
Merchandise inventories		930,289		859,520
Current deferred income taxes		18,252		13,936
Prepaid expenses		37,197		27,364
Total current assets		1,172,627		1,076,475
Property, net of depreciation		961,841		914,578
Deferred income taxes		5,553		8,033
Other assets		26,066		22,350
TOTAL ASSETS	$	2,166,087	$	2,021,436
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt	$	608	$	567
Accounts payable		665,907		583,367
Closed store lease obligations		1,687		2,006
Accrued expenses and other current liabilities		337,877		322,759
Total current liabilities		1,006,079		908,699
Long-term debt, less portion due within one year		540		1,148
Noncurrent closed store lease obligations		8,291		9,336
Other noncurrent liabilities		117,810		117,449
Stockholders’ equity		1,033,367		984,804
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,166,087	$	2,021,436

BJ’s Wholesale Club, Inc. and Consolidated Subsidiaries

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in Thousands)

	Fiscal Year Ended
	January 30, 2010			January 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	132,136		$	134,583
Reversal of provision for credit card claims		(2,902	)		—
Provision for closing and impairment costs		861			1,371
Depreciation and amortization		112,777			107,609
Share-based compensation expense		22,011			19,398
Deferred income taxes		(1,490	)		8,507
Decrease (increase) in merchandise inventories, net of accounts payable		633			(18,272	)
Decrease in closed store lease obligations		(1,605	)		(2,269	)
Other		35,834			(26,986	)
Net cash provided by operating activities		298,255			223,941
CASH FLOWS FROM INVESTING ACTIVITIES
Property additions		(176,396	)		(138,039	)
Property disposals		—			8,722
Purchase of marketable securities		(436	)		(245	)
Sale of marketable securities		31			349
Net cash used in investing activities		(176,801	)		(129,213	)
CASH FLOWS FROM FINANCING ACTIVITIES
Excess tax benefit from exercise of stock options		1,047			3,338
Purchase of treasury stock		(127,549	)		(170,163	)
Proceeds from issuance of common stock		13,235			26,494
Dividends paid		(25	)		(25	)
Repayment of long-term debt		(567	)		(529	)
Net cash used in financing activities		(113,859	)		(140,885	)
Net increase (decrease) in cash and cash equivalents	$	7,595		$	(46,157	)