BJ's Wholesale Club (BJ) 10-Q 26 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 31, 2021	Aug. 20, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2021
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	25 Research Drive
Entity Address, City or Town	Westborough
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01581
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		136,543,935
Entity Central Index Key	0001531152
Amendment Flag	false
Current Fiscal Year End Date	--01-29
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current assets:
Cash and cash equivalents	$ 42,414	$ 43,518	$ 168,811
Accounts receivable, net	169,135	172,719	170,595
Merchandise inventories	1,033,555	1,205,695	1,005,274
Prepaid expenses and other current assets	46,446	48,649	64,074
Total current assets	1,291,550	1,470,581	1,408,754
Operating lease right-of-use assets, net	2,138,690	2,058,763	2,043,713
Property and equipment:
Land and buildings	401,589	385,572	395,706
Leasehold costs and improvements	253,042	249,073	217,528
Furniture, fixtures and equipment	1,382,391	1,298,440	1,208,151
Construction in progress	47,034	23,633	26,604
Total property and equipment, gross	2,084,056	1,956,718	1,847,989
Less: accumulated depreciation and amortization	(1,242,535)	(1,158,929)	(1,092,311)
Total property and equipment, net	841,521	797,789	755,678
Goodwill	924,134	924,134	924,134
Intangibles, net	129,881	135,123	141,054
Deferred income taxes	2,973	5,737	0
Other assets	18,850	19,403	20,687
Total assets	5,347,599	5,411,530	5,294,020
Current liabilities:
Current portion of long-term debt	0	260,000	0
Current portion of operating lease liabilities	134,421	131,513	128,010
Accounts payable	1,029,726	988,074	1,004,725
Accrued expenses and other current liabilities	675,049	651,625	631,500
Total current liabilities	1,839,196	2,031,212	1,764,235
Long-term operating lease liabilities	2,069,148	1,988,840	1,971,634
Long-term debt	747,730	846,175	1,202,209
Deferred income taxes	41,635	45,096	43,111
Other non-current liabilities	161,538	180,880	193,730
Commitments and contingencies (see Note 6)
STOCKHOLDERS’ EQUITY
Preferred stock; par value $0.01; 5,000 shares authorized, and no shares issued or outstanding	0	0	0
Common stock, par value $0.01; 300,000 shares authorized, 144,300 shares issued and 136,347 outstanding at July 31, 2021; 143,428 shares issued and 137,192 outstanding at January 30, 2021; and 142,653 shares issued and 137,923 outstanding at August 1, 2020	1,443	1,434	1,427
Additional paid-in capital	867,792	826,377	798,288
Accumulated deficit	(102,772)	(295,339)	(514,017)
Accumulated other comprehensive loss	(6,225)	(20,528)	(35,650)
Treasury stock, at cost, 7,953 shares at July 31, 2021; 6,236 shares at January 30, 2021; and 4,730 shares at August 1, 2020	(271,886)	(192,617)	(130,947)
Total stockholders’ equity	488,352	319,327	119,101
Total liabilities and stockholders’ equity	$ 5,347,599	$ 5,411,530	$ 5,294,020

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
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
Preferred stock, outstanding (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)	144,300,000	143,428,000	142,653,000
Common stock, outstanding (in shares)	136,347,000	137,192,000	137,923,000
Treasury stock (in shares)	7,953,000	6,236,000	4,730,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Total revenues	$ 4,177,155	$ 3,954,130	$ 8,045,377	$ 7,751,735
Cost of sales	3,413,625	3,197,752	6,555,122	6,258,645
Selling, general and administrative expenses	598,113	590,814	1,198,023	1,181,175
Pre-opening expense	1,633	1,969	2,194	4,570
Operating income	163,784	163,595	290,038	307,345
Interest expense, net	16,428	20,741	35,713	42,585
Income from continuing operations before income taxes	147,356	142,854	254,325	264,760
Provision for income taxes	36,359	36,186	61,742	62,350
Income from continuing operations	110,997	106,668	192,583	202,410
Loss from discontinued operations, net of income taxes	(9)	(50)	(16)	(58)
Net income	$ 110,988	$ 106,618	$ 192,567	$ 202,352
Income per share attributable to common stockholders—basic:
Income from continuing operations (in USD per share)	$ 0.82	$ 0.78	$ 1.42	$ 1.48
Loss from discontinued operations (in USD per share)	0	0	0	0
Net income (in USD per share)	0.82	0.78	1.42	1.48
Income per share attributable to common stockholders—diluted:
Income from continuing operations (in USD per share)	0.80	0.76	1.39	1.46
Loss from discontinued operations (in USD per share)	0	0	0	0
Net income (in USD per share)	$ 0.80	$ 0.76	$ 1.39	$ 1.46
Weighted average number of common shares outstanding:
Basic (in shares)	135,521,353	136,706,284	135,615,068	136,398,122
Diluted (in shares)	138,197,167	139,522,057	138,429,566	138,974,898
Other comprehensive income:
Amounts reclassified from other comprehensive income, net of tax	$ 3,511	$ 0	$ 8,176	$ 0
Unrealized gain on cash flow hedge, net of income tax provision of $1,143 and $1,897, respectively	2,940	4,878	6,127	(9,064)
Total other comprehensive income	6,451	4,878	14,303	(9,064)
Total comprehensive income	117,439	111,496	206,870	193,288
Net sales
Total revenues	4,088,402	3,871,640	7,870,236	7,589,680
Membership
Total revenues	$ 88,753	$ 82,490	$ 175,141	$ 162,055

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Statement [Abstract]
Unrealized gain (loss) on cash flow hedge, tax provision (benefit)	$ 1,143	$ 1,897	$ 2,383	$ (3,524)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at beginning of period (in shares) at Feb. 01, 2020		140,723				(3,425)
Balance at beginning of period at Feb. 01, 2020	$ (54,344)	$ 1,407	$ 773,618	$ (716,369)	$ (26,586)	$ (86,414)
Net income	95,734			95,734
Unrealized gain on cash flow hedge, net of tax	(13,942)				(13,942)
Common stock issued under stock incentive plans (in shares)		1,626
Common stock issued under stock incentive plans	0	$ 16	(16)
Stock compensation expense	5,514		5,514
Net cash received on option exercises	5,608		5,608
Treasury stock purchases (in shares)						(258)
Treasury stock purchases	(6,073)					$ (6,073)
Balance at end of period (in shares) at May. 02, 2020		142,349				(3,683)
Balance at end of period at May. 02, 2020	32,497	$ 1,423	784,724	(620,635)	(40,528)	$ (92,487)
Balance at beginning of period (in shares) at Feb. 01, 2020		140,723				(3,425)
Balance at beginning of period at Feb. 01, 2020	(54,344)	$ 1,407	773,618	(716,369)	(26,586)	$ (86,414)
Net income	202,352
Amounts reclassified from other comprehensive income, net of tax	0
Unrealized gain on cash flow hedge, net of tax	(9,064)
Balance at end of period (in shares) at Aug. 01, 2020		142,653				(4,730)
Balance at end of period at Aug. 01, 2020	119,101	$ 1,427	798,288	(514,017)	(35,650)	$ (130,947)
Balance at beginning of period (in shares) at May. 02, 2020		142,349				(3,683)
Balance at beginning of period at May. 02, 2020	32,497	$ 1,423	784,724	(620,635)	(40,528)	$ (92,487)
Net income	106,618			106,618
Amounts reclassified from other comprehensive income, net of tax	0
Unrealized gain on cash flow hedge, net of tax	4,878				4,878
Common stock issued under stock incentive plans (in shares)		246
Common stock issued under stock incentive plans	0	$ 3	(3)
Common stock issued under Employee Stock Purchase Plan (ESPP) (in shares)		58
Common stock issued under Employee Stock Purchase Plan (ESPP)	1,107	$ 1	1,106
Stock compensation expense	9,064		9,064
Net cash received on option exercises	3,397		3,397
Treasury stock purchases (in shares)						(1,047)
Treasury stock purchases	(38,460)					$ (38,460)
Balance at end of period (in shares) at Aug. 01, 2020		142,653				(4,730)
Balance at end of period at Aug. 01, 2020	119,101	$ 1,427	798,288	(514,017)	(35,650)	$ (130,947)
Balance at beginning of period (in shares) at Jan. 30, 2021		143,428				(6,236)
Balance at beginning of period at Jan. 30, 2021	319,327	$ 1,434	826,377	(295,339)	(20,528)	$ (192,617)
Net income	81,579			81,579
Amounts reclassified from other comprehensive income, net of tax	4,665				4,665
Unrealized gain 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 compensation expense	27,300		27,300
Net cash received on 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				(6,778)
Balance at end of period at May. 01, 2021	413,524	$ 1,440	855,168	(213,760)	(12,676)	$ (216,648)
Balance at beginning of period (in shares) at Jan. 30, 2021		143,428				(6,236)
Balance at beginning of period at Jan. 30, 2021	319,327	$ 1,434	826,377	(295,339)	(20,528)	$ (192,617)
Net income	192,567
Amounts reclassified from other comprehensive income, net of tax	8,176
Unrealized gain on cash flow hedge, net of tax	6,127
Balance at end of period (in shares) at Jul. 31, 2021		144,300				(7,953)
Balance at end of period at Jul. 31, 2021	488,352	$ 1,443	867,792	(102,772)	(6,225)	$ (271,886)
Balance at beginning of period (in shares) at May. 01, 2021		144,018				(6,778)
Balance at beginning of period at May. 01, 2021	413,524	$ 1,440	855,168	(213,760)	(12,676)	$ (216,648)
Net income	110,988			110,988
Amounts reclassified from other comprehensive income, net of tax	3,511				3,511
Unrealized gain 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 Employee Stock Purchase Plan (ESPP) (in shares)		59
Common stock issued under Employee Stock Purchase Plan (ESPP)	1,877	$ 1	1,876
Stock compensation expense	7,334		7,334
Net cash received on 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				(7,953)
Balance at end of period at Jul. 31, 2021	$ 488,352	$ 1,443	$ 867,792	$ (102,772)	$ (6,225)	$ (271,886)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 192,567	$ 202,352
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	89,834	82,171
Amortization of debt issuance costs and accretion of original issue discount	1,724	2,363
Debt extinguishment charges	657	1,283
Stock-based compensation expense	34,634	14,578
Deferred income tax (benefit) provision	(6,260)	438
Changes in operating leases and other non-cash items	3,187	4,175
Increase (decrease) in cash due to changes in:
Accounts receivable	3,584	35,758
Merchandise inventories	172,140	76,228
Prepaid expenses and other current assets	(1,665)	(1,063)
Other assets	790	(2,138)
Accounts payable	41,652	218,313
Accrued expenses	26,049	70,971
Other non-current liabilities	420	28,263
Net cash provided by operating activities	559,313	733,692
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment, net of disposals	(147,808)	(82,962)
Proceeds from sale leaseback transactions	19,080	4,061
Net cash used in investing activities	(128,728)	(78,901)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on First Lien Term Loan	(100,000)	(153,297)
Proceeds from ABL Facility	0	736,000
Payments on ABL Facility	(260,000)	(1,064,000)
Net cash received from stock option exercises	4,913	9,005
Net cash received from ESPP	1,877	1,107
Acquisition of treasury stock	(79,269)	(44,533)
Proceeds from financing obligations	1,333	0
Other financing activities	(543)	(466)
Net cash used in financing activities	(431,689)	(516,184)
Net (decrease) increase in cash and cash equivalents	(1,104)	138,607
Cash and cash equivalents at beginning of period	43,518	30,204
Cash and cash equivalents at end of period	42,414	168,811
Supplemental cash flow information:
Interest paid	23,348	35,627
Income taxes paid	62,844	60,757
Non-cash financing and investing activities:
Lease liabilities arising from obtaining right-of-use assets	160,452	60,116
Property additions included in accrued expenses	$ 18,044	$ 6,977

Description of Business

Description of Business	6 Months Ended
	Jul. 31, 2021
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 primarily on the east coast of the United States. As of July 31, 2021, the Company operated 222 warehouse clubs and 151 gas stations in 17 states. The Company follows and reports based on the National Retail Federation’s fiscal calendar. The thirteen week periods ended July 31, 2021 and August 1, 2020 are referred to as the "second quarter of fiscal year 2021" and the "second quarter of fiscal year 2020," respectively. The novel coronavirus ("COVID-19") pandemic has severely impacted the economies of the U.S. and other countries around the world. In the preparation of these financial statements and related disclosures we have assessed the impact that COVID-19 has had on our estimates, assumptions and accounting policies and made additional disclosures, as necessary.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2021
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 generally accepted accounting principles in the United States of America ("GAAP"). The consolidated balance sheet as of January 30, 2021 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the second quarter of fiscal year 2021 are not necessarily indicative of future results or results to be expected for fiscal year 2021. 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 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 2020, as filed with the Securities and Exchange Commission on March 19, 2021. Revision of Previously Issued Financial Statements Management identified a misstatement related to the supplemental cash flow statement disclosure of property additions included in accrued expenses within the previously issued Form 10-Q for the quarter ended August 1, 2020. The previously disclosed amount for "property additions included in accrued expenses" was overstated by $63.1 million. We assessed the materiality of the misstatement both quantitatively and qualitatively, and concluded it was not material to the Company’s previously issued Form 10-Q for the quarter ended August 1, 2020. However, included within this filing, we elected to revise the previously reported amounts in the consolidated statements of cash flows to correct the misstatement. Recently Adopted Accounting Pronouncements The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2020. There have been no material changes to these accounting policies, except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2021. Income Taxes (ASU 2019-12) In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard as of January 31, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 31, 2021
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. Point of sale transactions at the Company’s clubs and gas stations, excluding sales taxes, represented approximately 93% of the Company’s net sales and approximately 91% of the Company’s total revenues for both the thirteen and twenty-six weeks ended July 31, 2021. Point of sale transactions at the Company’s clubs and gas stations, excluding sales taxes, represented approximately 96% of the Company’s net sales and approximately 94% of the Company’s total revenues for both the thirteen and twenty-six weeks ended August 1, 2020. Sales taxes are 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 taxes 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. 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 has been 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 $25.8 million at July 31, 2021, $25.5 million at January 30, 2021 and $29.9 million at August 1, 2020. 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 $18.8 million, $13.5 million and $15.0 million at July 31, 2021, January 30, 2021 and August 1, 2020, respectively. The timing of revenue recognition of these awards dollars is driven by actual customer activities, such as redemptions and expirations. As of July 31, 2021, the Company expects to recognize $12.4 million of the deferred revenue in fiscal year 2021 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 $169.3 million, $155.6 million and $156.6 million at July 31, 2021, January 30, 2021 and August 1, 2020, respectively. Gift Card Program—The Company sells BJ’s gift cards in both physical and digital format, which allow 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 $9.7 million, $10.3 million and $9.6 million at July 31, 2021, January 30, 2021 and August 1, 2020, respectively. The Company recognized $9.6 million and $9.4 million of revenue from gift card redemptions in the second quarter of fiscal year 2021 and second quarter of fiscal year 2020, respectively. The Company recognized $18.4 million and $19.5 million of revenue from gift card redemptions in the twenty-six weeks ended July 31, 2021 and August 1, 2020, respectively. Disaggregation of Revenue The Company’s club retail operations, which represent substantially all of its consolidated total revenues, 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 tables summarize the Company's percentage of net sales disaggregated by category: Thirteen Weeks Ended July 31, 2021 August 1, 2020 Grocery 70 % 76 % General Merchandise & Services 15 % 16 % Gasoline and Other 15 % 8 % Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 Grocery 71 % 79 % General Merchandise & Services 15 % 13 % Gasoline and Other 14 % 8 %

Debt and Credit Arrangements

Debt and Credit Arrangements	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Debt and Credit Arrangements	Debt and Credit Arrangements The following table summarizes the Company's debt (in thousands): July 31, 2021 January 30, 2021 August 1, 2020 ABL Facility $ 50,000 $ 310,000 $ 50,000 First Lien Term Loan 701,920 801,920 1,161,920 Unamortized debt discount and debt issuance cost (4,190) (5,745) (9,711) Less: current portion — (260,000) — Long-term debt $ 747,730 $ 846,175 $ 1,202,209 ABL Facility The ABL Facility is comprised of a $950.0 million revolving credit facility and a $50.0 million term loan. The ABL Facility is secured on a senior basis by certain "liquid assets" of the Company and secured on a junior basis by certain "fixed assets" of the Company. Payment terms on the $50.0 million term loan are restricted in that the term loan cannot be repaid unless all loans outstanding under the revolving credit facility are repaid, and once repaid, cannot be re-borrowed. The availability under the $950.0 million revolving credit facility is restricted based on eligible monthly merchandise inventories and receivables as defined in the agreement governing the ABL Facility. As amended, interest on the revolving credit facility is 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 is 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. The applicable spread of LIBOR and base rate loans at all levels of excess availability steps down by 12.5 basis points upon achieving total net leverage of 3.00 to 1.00. The ABL Facility also provides a sub-facility for issuances of letters of credit subject to certain fees defined in the ABL Facility Agreement. The ABL Facility is subject to various commitment fees during the term of the facility based on utilization of the revolving credit facility, which is scheduled to mature on August 17, 2023. On April 30, 2021, the Company used $50.0 million of cash and cash equivalents to pay down amounts outstanding on the ABL Facility. On July 30, 2021, the Company used $210.0 million of cash and cash equivalents to pay $210.0 million of the principal amount outstanding on the ABL Facility. At July 31, 2021, there were $50.0 million outstanding in loans under the ABL Facility and $24.1 million in outstanding letters of credit. As of July 31, 2021, the interest rate on the revolving credit facility was 1.23%, the interest rate of the term loan was 2.10% and unused capacity was $768.2 million. At January 30, 2021, there were $310.0 million outstanding in loans under the ABL Facility and $15.0 million in outstanding letters of credit. As of January 30, 2021, the interest rate on the revolving credit facility was 1.25%, the interest rate of the term loan was 2.14% and unused capacity was $641.1 million. At August 1, 2020, there were $50.0 million outstanding in loans under the ABL Facility and $19.2 million in outstanding letters of credit. As of August 1, 2020, the interest rate on the revolving credit facility was 1.29%, the interest rate of the term loan was 2.16% and unused capacity was $741.4 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 July 13, 2020, the Company paid $150.0 million of the principal amount outstanding on the First Lien Term Loan. In connection with the payment, the Company expensed $1.3 million of previously capitalized deferred debt issuance costs and original issue discount. On July 29, 2020, upon the achievement of certain credit ratings upgrades, the base rate was reduced to LIBOR plus 200 basis points. On October 30, 2020, the Company borrowed $260.0 million from the ABL Facility. The proceeds from the Company's borrowing and $100.0 million of the Company's cash and cash equivalents were used to pay $360.0 million of the principal amount outstanding on the First Lien Term Loan. In connection with the payment, the Company expensed $2.8 million of previously capitalized debt issuance costs and original issue discount. 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. There were $701.9 million, $801.9 million and $1,161.9 million outstanding on the First Lien Term Loan at July 31, 2021, January 30, 2021 and August 1, 2020, respectively. Interest rates for the First Lien Term Loan were 2.10%, 2.13% and 2.18% at July 31, 2021, January 30, 2021 and August 1, 2020, respectively.

Interest Expense, Net

Interest Expense, Net	6 Months Ended
	Jul. 31, 2021
Other Income and Expenses [Abstract]
Interest Expense, net	Interest Expense, net The following details the components of interest expense for the periods presented (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Interest on debt $ 11,369 $ 17,302 $ 23,400 $ 36,945 Interest on capital lease and financing obligations 982 991 1,980 1,999 Debt issuance costs amortization 544 648 1,106 1,305 Original issue discount amortization 288 519 618 1,058 Loss on debt extinguishment — 1,283 657 1,283 Loss on cash flow hedge 3,245 — 7,954 — Capitalized interest — (2) (2) (5) Interest expense, net $ 16,428 $ 20,741 $ 35,713 $ 42,585

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jul. 31, 2021
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 consolidated financial statements.

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jul. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans On 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 July 31, 2021, there were 5,549,786 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 twenty-six weeks ended July 31, 2021 (shares in thousands): Stock Options Restricted Stock Restricted Stock Units Performance Stock Shares Weighted Shares Weighted Shares Weighted Shares Weighted Outstanding, January 30, 2021 3,673 $ 17.50 1,575 $ 26.29 29 $ 34.54 527 $ 23.96 Granted — — 489 44.45 26 46.82 401 44.28 Forfeited/canceled — — (1) 44.45 — — (282) 28.98 Exercised/vested (297) 16.69 (941) 29.18 (29) 34.60 — — Outstanding, July 31, 2021 3,376 $ 17.58 1,122 $ 34.00 26 $ 46.82 646 $ 38.97 Stock-based compensation expense was $7.3 million and $9.1 million for the thirteen weeks ended July 31, 2021 and August 1, 2020, respectively. Stock-based compensation expense was $34.6 million and $14.6 million for the twenty-six weeks ended July 31, 2021 and August 1, 2020, respectively. Stock-based compensation expense in the twenty-six weeks ended July 31, 2021 included $17.5 million of stock-based compensation expense related to the modification of stock awards associated with the passing of the former President and Chief Executive Officer (CEO), Lee Delaney. On June 14, 2018, the Company’s Board of Directors adopted, and its stockholders approved, the BJ's Wholesale Club Holdings, Inc. Employee Stock Purchase Plan (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 board of directors. The offering under the ESPP commenced on January 1, 2019. The amount of expense recognized for the thirteen weeks ended July 31, 2021 and August 1, 2020 was $0.4 million and $0.2 million, respectively. The amount of expense recognized for the twenty-six weeks ended July 31, 2021 and August 1, 2020 was $0.5 million and $0.3 million, respectively. As of July 31, 2021, remaining shares available for issuance under the ESPP were 2,177,223. Treasury Shares Acquired The Company reacquired 120,421 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended July 31, 2021, which were recorded as $5.6 million of t reasury stock. The Company reacquired 121,915 shares in the thirteen weeks ended August 1, 2020, which were recorded as $4.3 million of treasury stock. The Company reacquired 346,825 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the twenty-six weeks ended July 31, 2021, which were recorded as $15.7 million of treasury stock. The Company reacquired 205,268 in the twenty-six weeks ended August 1, 2020, which were recorded as $6.4 million of treasury stock. Share Repurchase Program On December 19, 2019, the Company's Board of Directors authorized the repurchase of up to $250.0 million of the Company's outstanding common stock from time to time as market conditions warrant (the "Program"). The Program expires at the end of fiscal year 2021. The Company initiated the Program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value. As of July 31, 2021, $86.8 million remained available to purchase under the Program. The Company repurchased 1,054,116 shares for $49.6 million and 924,282 shares for $34.1 million during the thirteen weeks ended July 31, 2021 and August 1, 2020, respectively. The Company repurchased 1,369,116 shares for $63.5 million and 1,099,282 shares for $38.1 million during the twenty-six weeks ended July 31, 2021 and August 1, 2020, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate is based on estimated income from continuing operations for the fiscal year, as well as discrete adjustments, if any, in the applicable quarterly periods. The Company projects the estimated annual effective tax rate for fiscal year 2021 to be 26.8%, 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 24.7% and 25.3% for the thirteen weeks ended July 31, 2021 and August 1, 2020, respectively; and 24.3% and 23.5% for the twenty-six weeks ended July 31, 2021 and August 1, 2020, respectively. The decrease in the effective tax rate for the second quarter of fiscal year 2021 compared to the second quarter of fiscal year 2020 is due primarily to higher excess tax benefits from stock-based compensation in the second quarter of fiscal year 2021. The increase in the rate for the twenty-six weeks ending July 31, 2021 compared to the twenty-six weeks ended August 1, 2020 is due to lower excess tax benefits from stock-based compensation in the current year period coupled with favorable, permanent true-ups in the prior year period. The Company is subject to taxation in the U.S. federal and various state taxing jurisdictions. In general, the Company’s tax years from 2016 forward remain open and subject to examination by the Internal Revenue Service and various state taxing authorities; however, certain ongoing state audits and appeals relate to periods prior to 2016.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 31, 2021
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 are 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 are considered to be Level 2. Financial Assets and Liabilities The gross carrying amount and fair value of the Company’s debt at July 31, 2021 are as follows (in thousands): Carrying Amount Fair Value First Lien Term Loan $ 701,920 $ 700,032 ABL Facility 50,000 50,000 Total Debt $ 751,920 $ 750,032 The gross carrying amount and fair value of the Company’s debt at January 30, 2021 are as follows (in thousands): 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 The gross carrying amount and fair value of the Company’s debt at August 1, 2020 are as follows (in thousands): Carrying Amount Fair Value First Lien Term Loan $ 1,161,920 $ 1,144,956 ABL Facility 50,000 50,000 Total Debt $ 1,211,920 $ 1,194,956 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020: Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Weighted-average common shares outstanding, used for basic computation 135,521,353 136,706,284 135,615,068 136,398,122 Plus: Incremental shares of potentially dilutive securities 2,675,814 2,815,773 2,814,498 2,576,776 Weighted-average number of common and dilutive potential common shares outstanding 138,197,167 139,522,057 138,429,566 138,974,898 As their inclusion would have been anti-dilutive, no options and 12,757 restricted shares were excluded from the computation of diluted earnings for the thirteen weeks ended July 31, 2021. No restricted shares and 229,767 stock options were excluded from the computation of diluted earnings for the thirteen weeks ended August 1, 2020. Similarly, no stock options and 62,758 restricted shares, were excluded from the computation of diluted earnings for the twenty-six weeks ended July 31, 2021. A total of 552,830 stock options and 390,128 restricted shares were excluded from the computation of diluted earnings for the twenty-six weeks ended August 1, 2020.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jul. 31, 2021
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. On October 30, 2020, the Company borrowed $260.0 million from the ABL Facility. The proceeds from the Company's borrowing, as well as $100.0 million of the Company's cash and cash equivalents, were used to pay $360.0 million of the principal amount outstanding on the First Lien Term Loan. Due to the payment of debt principal on the First Lien Term Loan, the Company determined that certain interest payments were no longer probable and a portion of one of the interest rate swap agreements would be ineffective as a result of the payment of debt, and as such, released $3.7 million recorded in other comprehensive income to interest expense, net of tax. On November 10, 2020, the Company terminated one of the interest rate swaps, which fixed $360.0 million of its floating rate debt at a rate of approximately 3.0%. An additional interest rate swap, which fixed $240.0 million of its floating rate debt at a rate of 3.0%, was determined to be ineffective. 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 reclassified $4.7 million recorded in other comprehensive income (loss) 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 reclassified $3.5 million recorded in other comprehensive income (loss) to interest expense, net of tax. The interest rate swaps were recorded as a liability of $14.5 million and $26.4 million at July 31, 2021 and January 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. The interest rate swaps were recorded as a liability of $53.5 million at August 1, 2020, with the net of tax amount recorded in other comprehensive loss. 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 (loss) and the ineffective portion of gains or losses were recorded as interest expense. There were gains of $4.1 million and $6.8 million recorded in other comprehensive income for the thirteen weeks ended July 31, 2021 and August 1, 2020, respectively. There were $8.5 million of gains and $12.6 million of losses recorded in other comprehensive income (loss) for the twenty-six weeks ended July 31, 2021 and August 1, 2020, respectively. The ineffective portion of gains in the second quarter and first half of fiscal year 2021 of $1.6 million and $3.4 million, respectively, were recorded in interest expense. In the second quarter and first half of fiscal year 2020, all interest rate swap agreements were effective. The fair values of derivative instruments included on the consolidated balance sheets are as follows (in thousands): Fair Value at Accounting for cash flow hedges Notional Amount Fixed Rate Balance Sheet Classification July 31, 2021 January 30, 2021 August 1, 2020 Interest rate swap $ 600,000 3.00 % Other current liabilities $ (10,374) $ (18,828) $ (26,777) Interest rate swap 360,000 3.00 % Other current liabilities — — (16,049) Interest rate swap 240,000 3.00 % Other current liabilities (4,146) (7,525) (10,702) Net carrying amount $ 1,200,000 Total liabilities $ (14,520) $ (26,353) $ (53,528)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 2021
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 generally accepted accounting principles in the United States of America ("GAAP"). The consolidated balance sheet as of January 30, 2021 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the second quarter of fiscal year 2021 are not necessarily indicative of future results or results to be expected for fiscal year 2021. 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 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 2020, as filed with the Securities and Exchange Commission on March 19, 2021.
Revision of Previously Issued Financial Statements	Revision of Previously Issued Financial Statements Management identified a misstatement related to the supplemental cash flow statement disclosure of property additions included in accrued expenses within the previously issued Form 10-Q for the quarter ended August 1, 2020. The previously disclosed amount for "property additions included in accrued expenses" was overstated by $63.1 million. We assessed the materiality of the misstatement
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 2020. There have been no material changes to these accounting policies, except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2021. Income Taxes (ASU 2019-12) In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard as of January 31, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following tables summarize the Company's percentage of net sales disaggregated by category: Thirteen Weeks Ended July 31, 2021 August 1, 2020 Grocery 70 % 76 % General Merchandise & Services 15 % 16 % Gasoline and Other 15 % 8 % Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 Grocery 71 % 79 % General Merchandise & Services 15 % 13 % Gasoline and Other 14 % 8 %

Debt and Credit Arrangements (T

Debt and Credit Arrangements (Tables)	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes the Company's debt (in thousands): July 31, 2021 January 30, 2021 August 1, 2020 ABL Facility $ 50,000 $ 310,000 $ 50,000 First Lien Term Loan 701,920 801,920 1,161,920 Unamortized debt discount and debt issuance cost (4,190) (5,745) (9,711) Less: current portion — (260,000) — Long-term debt $ 747,730 $ 846,175 $ 1,202,209

Interest Expense, Net (Tables)

Interest Expense, Net (Tables)	6 Months Ended
	Jul. 31, 2021
Other Income and Expenses [Abstract]
Components of interest expense	The following details the components of interest expense for the periods presented (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Interest on debt $ 11,369 $ 17,302 $ 23,400 $ 36,945 Interest on capital lease and financing obligations 982 991 1,980 1,999 Debt issuance costs amortization 544 648 1,106 1,305 Original issue discount amortization 288 519 618 1,058 Loss on debt extinguishment — 1,283 657 1,283 Loss on cash flow hedge 3,245 — 7,954 — Capitalized interest — (2) (2) (5) Interest expense, net $ 16,428 $ 20,741 $ 35,713 $ 42,585

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	6 Months Ended
	Jul. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock award activity	The following table summarizes the Company’s stock award activity during the twenty-six weeks ended July 31, 2021 (shares in thousands): Stock Options Restricted Stock Restricted Stock Units Performance Stock Shares Weighted Shares Weighted Shares Weighted Shares Weighted Outstanding, January 30, 2021 3,673 $ 17.50 1,575 $ 26.29 29 $ 34.54 527 $ 23.96 Granted — — 489 44.45 26 46.82 401 44.28 Forfeited/canceled — — (1) 44.45 — — (282) 28.98 Exercised/vested (297) 16.69 (941) 29.18 (29) 34.60 — — Outstanding, July 31, 2021 3,376 $ 17.58 1,122 $ 34.00 26 $ 46.82 646 $ 38.97

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 31, 2021
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 July 31, 2021 are as follows (in thousands): Carrying Amount Fair Value First Lien Term Loan $ 701,920 $ 700,032 ABL Facility 50,000 50,000 Total Debt $ 751,920 $ 750,032 The gross carrying amount and fair value of the Company’s debt at January 30, 2021 are as follows (in thousands): 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 The gross carrying amount and fair value of the Company’s debt at August 1, 2020 are as follows (in thousands): Carrying Amount Fair Value First Lien Term Loan $ 1,161,920 $ 1,144,956 ABL Facility 50,000 50,000 Total Debt $ 1,211,920 $ 1,194,956

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Earnings per share	The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020: Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Weighted-average common shares outstanding, used for basic computation 135,521,353 136,706,284 135,615,068 136,398,122 Plus: Incremental shares of potentially dilutive securities 2,675,814 2,815,773 2,814,498 2,576,776 Weighted-average number of common and dilutive potential common shares outstanding 138,197,167 139,522,057 138,429,566 138,974,898

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jul. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair values of derivative instruments by balance sheet location	Fair Value at Accounting for cash flow hedges Notional Amount Fixed Rate Balance Sheet Classification July 31, 2021 January 30, 2021 August 1, 2020 Interest rate swap $ 600,000 3.00 % Other current liabilities $ (10,374) $ (18,828) $ (26,777) Interest rate swap 360,000 3.00 % Other current liabilities — — (16,049) Interest rate swap 240,000 3.00 % Other current liabilities (4,146) (7,525) (10,702) Net carrying amount $ 1,200,000 Total liabilities $ (14,520) $ (26,353) $ (53,528)

Description of Business (Detail

Description of Business (Details Textual)	Jul. 31, 2021stategas_stationstore
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores | store	222
Number of gas stations | gas_station	151
Number of states in which entity operates | state	17

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property additions included in accrued expenses	$ (18,044)	$ (6,977)
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property additions included in accrued expenses		$ 63,100

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
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
Award liability	25,800,000	$ 29,900,000	25,800,000	$ 29,900,000	$ 25,500,000
Remaining performance obligation	18,800,000	15,000,000	18,800,000	15,000,000	13,500,000
Deferred revenue related to membership fees	12,400,000		12,400,000
Revenue	4,177,155,000	3,954,130,000	8,045,377,000	7,751,735,000
Membership
Revenue, Major Customer [Line Items]
Deferred revenue related to membership fees	$ 169,300,000	156,600,000	169,300,000	156,600,000	155,600,000
Membership fee term	12 months
Revenue	$ 88,753,000	82,490,000	175,141,000	162,055,000
Gift Card Programs
Revenue, Major Customer [Line Items]
Deferred revenue related to membership fees	9,700,000	9,600,000	9,700,000	9,600,000	$ 10,300,000
Revenue	$ 9,600,000	$ 9,400,000	$ 18,400,000	$ 19,500,000
Net sales | Revenue from Rights Concentration Risk | Point Of Sale Transaction
Revenue, Major Customer [Line Items]
Concentration risk percentage	93.00%	96.00%
Total revenue | Revenue from Rights Concentration Risk | Point Of Sale Transaction
Revenue, Major Customer [Line Items]
Concentration risk percentage	91.00%	94.00%

Revenue Recognition - Percentag

Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Grocery
Disaggregation of Revenue [Line Items]
Net sales percentage	70.00%	76.00%	71.00%	79.00%
General Merchandise & Services
Disaggregation of Revenue [Line Items]
Net sales percentage	15.00%	16.00%	15.00%	13.00%
Gasoline and Other
Disaggregation of Revenue [Line Items]
Net sales percentage	15.00%	8.00%	14.00%	8.00%

Debt and Credit Arrangements -

Debt and Credit Arrangements - Debt Components (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Carrying Amount	$ 751,920	$ 1,111,920	$ 1,211,920
Unamortized debt discount and debt issuance cost	(4,190)	(5,745)	(9,711)
Less: current portion	0	(260,000)	0
Long-term debt	747,730	846,175	1,202,209
ABL Facility
Carrying Amount	50,000	310,000	50,000
First Lien Term Loan
Carrying Amount	$ 701,920	$ 801,920	$ 1,161,920

Debt and Credit Arrangements _2

Debt and Credit Arrangements - Narrative (Details)	Jul. 30, 2021USD ($)	Apr. 30, 2021USD ($)	Oct. 30, 2020USD ($)	Jul. 29, 2020	Jul. 13, 2020USD ($)	Jul. 31, 2021USD ($)	Aug. 01, 2020USD ($)	Jan. 30, 2021USD ($)
Cash and cash equivalents	$ 210,000,000	$ 100,000,000				$ 42,414,000	$ 168,811,000	$ 43,518,000
Carrying amount						751,920,000	1,211,920,000	1,111,920,000
Repayments of secured debt						100,000,000	153,297,000
Proceeds from ABL Facility						0	736,000,000
Amortization of debt issuance costs and accretion of original issue discount						1,724,000	2,363,000
ABL Facility
Cash and cash equivalents	210,000,000		$ 100,000,000
Repayments of debt		210,000,000
Carrying amount						50,000,000	$ 50,000,000	$ 310,000,000
Proceeds from ABL Facility			260,000,000
ABL Facility | Term Loan
Principal amount						$ 50,000,000
Minimum net leverage ratio for interest rate adjustment						3
Repayments of debt		50,000,000
Repayments of debt		50,000,000
Stated interest rate						2.10%	2.16%	2.14%
ABL Facility | Term Loan | London Interbank Offered Rate (LIBOR)
Decrease in basis spread on variable rate upon achievement of certain net leverage ratio						0.125%
ABL Facility | Term Loan | London Interbank Offered Rate (LIBOR) | Minimum
Basis spread on variable rate						2.00%
ABL Facility | Term Loan | London Interbank Offered Rate (LIBOR) | Maximum
Basis spread on variable rate						2.50%
ABL Facility | Term Loan | Base Rate | Minimum
Basis spread on variable rate						1.00%
ABL Facility | Term Loan | Base Rate | Maximum
Basis spread on variable rate						1.50%
ABL Facility | Revolving Credit Facility
Maximum borrowing capacity						$ 950,000,000
Carrying amount						$ 50,000,000	$ 50,000,000	$ 310,000,000
Interest rate at end of period						1.23%	1.29%	1.25%
Unused capacity						$ 768,200,000	$ 741,400,000	$ 641,100,000
ABL Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Basis spread on variable rate						1.25%
ABL Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Basis spread on variable rate						1.75%
ABL Facility | Revolving Credit Facility | Base Rate | Minimum
Basis spread on variable rate						0.25%
ABL Facility | Revolving Credit Facility | Base Rate | Maximum
Basis spread on variable rate						0.75%
ABL Facility | Letter of Credit
Carrying amount						$ 24,100,000	19,200,000	15,000,000
First Lien Term Loan
Minimum net leverage ratio for interest rate adjustment						3.50
Cash and cash equivalents		150,000,000	100,000,000
Repayments of debt	$ 210,000,000	100,000,000	360,000,000
Carrying amount						$ 701,920,000	$ 1,161,920,000	$ 801,920,000
Repayments of secured debt					$ 150,000,000
Write off of debt issuance costs and original issue discount					$ 1,300,000
Amortization of debt issuance costs and accretion of original issue discount		$ 700,000	$ 2,800,000
Effective interest rate						2.10%	2.18%	2.13%
First Lien Term Loan | London Interbank Offered Rate (LIBOR)
Basis spread on variable rate				2.00%

Interest Expense, Net - Compone

Interest Expense, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Other Income and Expenses [Abstract]
Interest on debt	$ 11,369	$ 17,302	$ 23,400	$ 36,945
Interest on capital lease and financing obligations	982	991	1,980	1,999
Debt issuance costs amortization	544	648	1,106	1,305
Original issue discount amortization	288	519	618	1,058
Loss on debt extinguishment	0	1,283	657	1,283
Loss on cash flow hedge	3,245	0	7,954	0
Capitalized interest	0	(2)	(2)	(5)
Interest expense, net	$ 16,428	$ 20,741	$ 35,713	$ 42,585

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jul. 31, 2021	May 01, 2021	Aug. 01, 2020	May 02, 2020	Jul. 31, 2021	Aug. 01, 2020	Dec. 19, 2019	Jun. 14, 2018	Jun. 13, 2018
Stock-based compensation expense	$ 7,300,000		$ 9,100,000		$ 34,600,000	$ 14,600,000
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)	120,421		121,915		346,825	205,268
Shares reacquired to satisfy tax withholding obligations	$ 5,600,000		$ 4,300,000		$ 15,700,000	$ 6,400,000
Shares repurchased	$ 55,238,000	$ 24,031,000	38,460,000	$ 6,073,000
Chief Executive Officer
Stock-based compensation expense, modification of stock awards					$ 17,500,000
The 2011 Plan and 2012 Director Plan
Shares reserved for issuance (in shares)									985,369
Shares available for future issuance (in shares)	5,549,786				5,549,786
The 2018 Plan
Shares authorized for issuance (in shares)									13,148,058
Employee Stock Purchase Plan
Shares reserved for issuance (in shares)	2,177,223				2,177,223
Stock-based compensation expense	$ 400,000		$ 200,000		$ 500,000	$ 300,000
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%
The Program
Share repurchase program, amount authorized							$ 250,000,000
Share repurchase program, amount remaining available	$ 86,800,000				$ 86,800,000
Share repurchased (in shares)	1,054,116		924,282		1,369,116	1,099,282
Shares repurchased	$ 49,600,000		$ 34,100,000		$ 63,500,000	$ 38,100,000

Stock Incentive Plans - Stock A

Stock Incentive Plans - Stock Award Activity (Details) shares in Thousands	6 Months Ended
	Jul. 31, 2021$ / sharesshares
Stock Options
Shares
Outstanding (in shares) | shares	3,673
Granted (in shares) | shares	0
Forfeited/canceled (in shares) | shares	0
Exercised/vested (in shares) | shares	(297)
Outstanding (in shares) | shares	3,376
Weighted Average Exercise Price
Outstanding (in USD per share) | $ / shares	$ 17.50
Granted (in USD per share) | $ / shares	0
Forfeited/canceled (in USD per share) | $ / shares	0
Exercised/vested (in USD per share) | $ / shares	16.69
Outstanding (in USD per share) | $ / shares	$ 17.58
Restricted Stock
Shares
Outstanding (in shares) | shares	1,575
Granted (in shares) | shares	489
Forfeited/canceled (in shares) | shares	(1)
Exercised/vested (in shares) | shares	(941)
Outstanding (in shares) | shares	1,122
Weighted Average Grant Date Fair Value
Outstanding (in USD per share) | $ / shares	$ 26.29
Granted (in USD per share) | $ / shares	44.45
Forfeited/canceled (in USD per share) | $ / shares	44.45
Exercised/vested (in USD per share) | $ / shares	29.18
Outstanding (in USD per share) | $ / shares	$ 34
Restricted Stock Units
Shares
Outstanding (in shares) | shares	29
Granted (in shares) | shares	26
Forfeited/canceled (in shares) | shares	0
Exercised/vested (in shares) | shares	(29)
Outstanding (in shares) | shares	26
Weighted Average Grant Date Fair Value
Outstanding (in USD per share) | $ / shares	$ 34.54
Granted (in USD per share) | $ / shares	46.82
Forfeited/canceled (in USD per share) | $ / shares	0
Exercised/vested (in USD per share) | $ / shares	34.60
Outstanding (in USD per share) | $ / shares	$ 46.82
Performance Stock
Shares
Outstanding (in shares) | shares	527
Granted (in shares) | shares	401
Forfeited/canceled (in shares) | shares	(282)
Exercised/vested (in shares) | shares	0
Outstanding (in shares) | shares	646
Weighted Average Grant Date Fair Value
Outstanding (in USD per share) | $ / shares	$ 23.96
Granted (in USD per share) | $ / shares	44.28
Forfeited/canceled (in USD per share) | $ / shares	28.98
Exercised/vested (in USD per share) | $ / shares	0
Outstanding (in USD per share) | $ / shares	$ 38.97

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Jan. 29, 2022
Income Tax Contingency [Line Items]
Effective tax rate	24.70%	25.30%	24.30%	23.50%
Forecast
Income Tax Contingency [Line Items]
Effective tax rate					26.80%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 751,920	$ 1,111,920	$ 1,211,920
Fair Value	750,032	1,112,256	1,194,956
First Lien Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	701,920	801,920	1,161,920
Fair Value	700,032	802,256	1,144,956
ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	50,000	310,000	50,000
Fair Value	$ 50,000	$ 310,000	$ 50,000

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share [Abstract]
Weighted-average common shares outstanding, used for basic computation (in shares)	135,521,353	136,706,284	135,615,068	136,398,122
Plus: Incremental shares of potentially dilutive securities (in shares)	2,675,814	2,815,773	2,814,498	2,576,776
Weighted-average number of common and dilutive potential common shares outstanding (in shares)	138,197,167	139,522,057	138,429,566	138,974,898

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Options
Antidilutive securities excluded from computation of diluted earnings per share	0	229,767	0	552,830
Restricted shares
Antidilutive securities excluded from computation of diluted earnings per share	12,757	0	62,758	390,128

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Thousands	Jul. 30, 2021USD ($)	Apr. 30, 2021USD ($)	Oct. 30, 2020USD ($)	Nov. 13, 2018derivative_instrument	Jul. 31, 2021USD ($)	Aug. 01, 2020USD ($)	Jul. 31, 2021USD ($)	Aug. 01, 2020USD ($)	Jan. 30, 2021USD ($)	Nov. 10, 2020USD ($)	Feb. 13, 2019USD ($)
Derivative [Line Items]
Number of derivative instruments entered | derivative_instrument				3
Amount of hedged item											$ 1,200,000
Interest rate											3.00%
Proceeds from ABL Facility							$ 0	$ 736,000
Cash and cash equivalents	$ 210,000	$ 100,000			$ 42,414	$ 168,811	42,414	168,811	$ 43,518
Gains (losses) reclassified to interest expense	(3,500)	(4,700)	$ (3,700)
Notional amount					1,200,000		1,200,000
Interest rate swap liability					14,520	53,528	14,520	53,528	$ 26,353
Derivative gains (losses)					4,100	$ 6,800	8,500	$ (12,600)
Interest expense					$ 1,600		$ 3,400
Terminated Interest Rate Swaps
Derivative [Line Items]
Notional amount										$ 360,000
Fixed interest rate										3.00%
Ineffective Interest Rate Swap
Derivative [Line Items]
Notional amount										$ 240,000
Fixed interest rate										3.00%
ABL Facility
Derivative [Line Items]
Proceeds from ABL Facility			260,000
Cash and cash equivalents	210,000		100,000
Repayments of debt		210,000
ABL Facility | Term Loan
Derivative [Line Items]
Repayments of debt		50,000
First Lien Term Loan
Derivative [Line Items]
Cash and cash equivalents		150,000	100,000
Repayments of debt	$ 210,000	$ 100,000	$ 360,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,200,000
Fair Value	(14,520)	$ (26,353)	$ (53,528)
Interest Rate Swap 1
Derivatives, Fair Value [Line Items]
Notional Amount	$ 600,000
Fixed Rate	3.00%
Fair Value	$ (10,374)	(18,828)	(26,777)
Interest Rate Swap 2
Derivatives, Fair Value [Line Items]
Notional Amount	$ 360,000
Fixed Rate	3.00%
Fair Value	$ 0	0	(16,049)
Interest Rate Swap 3
Derivatives, Fair Value [Line Items]
Notional Amount	$ 240,000
Fixed Rate	3.00%
Fair Value	$ (4,146)	$ (7,525)	$ (10,702)