BJ's Wholesale Club (BJ) 10-Q 26 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 30, 2022	Aug. 17, 2022
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 30, 2022
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	350 Campus Drive
Entity Address, City or Town	Marlborough
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01752
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		135,068,956
Entity Central Index Key	0001531152
Amendment Flag	false
Current Fiscal Year End Date	--01-28
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Former Address
Entity Addresses [Line Items]
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Current assets:
Cash and cash equivalents	$ 163,681	$ 45,436	$ 42,414
Accounts receivable, net	204,495	173,951	169,135
Merchandise inventories	1,376,526	1,242,935	1,033,555
Prepaid expenses and other current assets	57,844	54,734	46,446
Total current assets	1,802,546	1,517,056	1,291,550
Operating lease right-of-use assets, net	2,192,548	2,131,986	2,138,690
Property and equipment, net	1,232,103	942,331	841,521
Goodwill	1,008,816	924,134	924,134
Intangibles, net	120,123	124,640	129,881
Deferred income taxes	4,525	5,507	2,973
Other assets	26,583	23,240	18,850
Total assets	6,387,244	5,668,894	5,347,599
Current liabilities:
Short-term debt	350,000	0	0
Current portion of operating lease liabilities	171,568	141,453	134,421
Accounts payable	1,243,286	1,112,783	1,029,726
Accrued expenses and other current liabilities	719,291	748,245	675,049
Total current liabilities	2,484,145	2,002,481	1,839,196
Long-term operating lease liabilities	2,118,467	2,059,760	2,069,148
Long-term debt	699,406	748,568	747,730
Deferred income taxes	64,354	52,850	41,635
Other non-current liabilities	167,281	157,127	161,538
Commitments and contingencies (see Note 5)
STOCKHOLDERS’ EQUITY
Preferred stock; par value $0.01; 5,000 shares authorized, and no shares issued	0	0	0
Common stock, par value $0.01; 300,000 shares authorized, 146,157 shares issued and 135,052 outstanding at July 30, 2022; 145,451 shares issued and 135,506 outstanding at January 29, 2022; and 144,300 shares issued and 136,347 outstanding at July 31, 2021	1,461	1,454	1,443
Additional paid-in capital	928,548	902,704	867,792
Accumulated earnings (deficit)	384,770	131,313	(102,772)
Accumulated other comprehensive income (loss)	2,010	1,305	(6,225)
Treasury stock, at cost, 11,105 shares at July 30, 2022; 9,945 shares at January 29, 2022; and 7,953 shares at July 31, 2021	(463,198)	(388,668)	(271,886)
Total stockholders’ equity	853,591	648,108	488,352
Total liabilities and stockholders’ equity	$ 6,387,244	$ 5,668,894	$ 5,347,599

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
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
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)	146,157,000	145,451,000	144,300,000
Common stock, outstanding (in shares)	135,052,000	135,506,000	136,347,000
Treasury stock (in shares)	11,105,000	9,945,000	7,953,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Total revenues	$ 5,103,816	$ 4,177,155	$ 9,600,251	$ 8,045,377
Cost of sales	4,243,769	3,413,625	7,949,043	6,555,122
Selling, general and administrative expenses	651,236	598,113	1,287,180	1,198,023
Pre-opening expenses	5,901	1,633	10,801	2,194
Operating income	202,910	163,784	353,227	290,038
Interest expense, net	10,874	16,428	18,715	35,713
Income from continuing operations before income taxes	192,036	147,356	334,512	254,325
Provision for income taxes	51,022	36,359	81,041	61,742
Income from continuing operations	141,014	110,997	253,471	192,583
Loss from discontinued operations, net of income taxes	(7)	(9)	(14)	(16)
Net income	$ 141,007	$ 110,988	$ 253,457	$ 192,567
Income per share attributable to common stockholders—basic:
Income from continuing operations (in USD per share)	$ 1.05	$ 0.82	$ 1.89	$ 1.42
Loss from discontinued operations (in USD per share)	0	0	0	0
Net income (in USD per share)	1.05	0.82	1.89	1.42
Income per share attributable to common stockholders—diluted:
Income from continuing operations (in USD per share)	1.03	0.80	1.86	1.39
Loss from discontinued operations (in USD per share)	0	0	(0.01)	0
Net income (in USD per share)	$ 1.03	$ 0.80	$ 1.85	$ 1.39
Weighted average shares of common stock outstanding:
Basic (in shares)	134,341,280	135,521,353	134,292,751	135,615,068
Diluted (in shares)	136,567,466	138,197,167	136,634,713	138,429,566
Other comprehensive income:
Amounts released from other comprehensive income, net of tax	$ 0	$ 3,511	$ 117	$ 8,176
Unrealized gain on cash flow hedge, net of income tax provision of $1,143, at July 31, 2021	0	2,940	588	6,127
Total other comprehensive income	0	6,451	705	14,303
Total comprehensive income	141,007	117,439	254,162	206,870
Net sales
Total revenues	5,005,030	4,088,402	9,404,840	7,870,236
Membership
Total revenues	$ 98,786	$ 88,753	$ 195,411	$ 175,141

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Income Statement [Abstract]
Unrealized gain on cash flow hedge, tax provision	$ 1,143	$ 229	$ 2,383

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Balance at beginning of period (in shares) at Jan. 30, 2021		143,428
Balance at beginning of period at Jan. 30, 2021	$ 319,327	$ 1,434	$ 826,377	$ (295,339)	$ (20,528)	$ (192,617)
Treasury stock at beginning of period (in shares) at Jan. 30, 2021						(6,236)
Net income	81,579			81,579
Amounts released from other comprehensive income, net of tax	4,665				4,665
Unrealized gain (loss) 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-based compensation expense	27,300		27,300
Net cash received from 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
Balance at end of period at May. 01, 2021	413,524	$ 1,440	855,168	(213,760)	(12,676)	$ (216,648)
Treasury stock at end of period (in shares) at May. 01, 2021						(6,778)
Balance at beginning of period (in shares) at Jan. 30, 2021		143,428
Balance at beginning of period at Jan. 30, 2021	319,327	$ 1,434	826,377	(295,339)	(20,528)	$ (192,617)
Treasury stock at beginning of period (in shares) at Jan. 30, 2021						(6,236)
Net income	192,567
Amounts released from other comprehensive income, net of tax	8,176
Unrealized gain (loss) on cash flow hedge, net of tax	$ 6,127
Balance at end of period (in shares) at Jul. 31, 2021	136,347	144,300
Balance at end of period at Jul. 31, 2021	$ 488,352	$ 1,443	867,792	(102,772)	(6,225)	$ (271,886)
Treasury stock at end of period (in shares) at Jul. 31, 2021	(7,953)					(7,953)
Balance at beginning of period (in shares) at May. 01, 2021		144,018
Balance at beginning of period at May. 01, 2021	$ 413,524	$ 1,440	855,168	(213,760)	(12,676)	$ (216,648)
Treasury stock at beginning of period (in shares) at May. 01, 2021						(6,778)
Net income	110,988			110,988
Amounts released from other comprehensive income, net of tax	3,511				3,511
Unrealized gain (loss) 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 ESPP (in shares)		59
Common stock issued under ESPP	1,877	$ 1	1,876
Stock-based compensation expense	7,334		7,334
Net cash received from 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	136,347	144,300
Balance at end of period at Jul. 31, 2021	$ 488,352	$ 1,443	867,792	(102,772)	(6,225)	$ (271,886)
Treasury stock at end of period (in shares) at Jul. 31, 2021	(7,953)					(7,953)
Balance at beginning of period (in shares) at Jan. 29, 2022	135,506	145,451
Balance at beginning of period at Jan. 29, 2022	$ 648,108	$ 1,454	902,704	131,313	1,305	$ (388,668)
Treasury stock at beginning of period (in shares) at Jan. 29, 2022	(9,945)					(9,945)
Net income	$ 112,450			112,450
Amounts released from other comprehensive income, net of tax	117				117
Unrealized gain (loss) on cash flow hedge, net of tax	588				588
Common stock issued under stock incentive plans (in shares)		490
Common stock issued under stock incentive plans	0	$ 5	(5)
Stock-based compensation expense	9,115		9,115
Net cash received from option exercises	2,306		2,306
Treasury stock purchases (in shares)						(801)
Treasury stock purchases	(51,342)					$ (51,342)
Balance at end of period (in shares) at Apr. 30, 2022		145,941
Balance at end of period at Apr. 30, 2022	$ 721,342	$ 1,459	914,120	243,763	2,010	$ (440,010)
Treasury stock at end of period (in shares) at Apr. 30, 2022						(10,746)
Balance at beginning of period (in shares) at Jan. 29, 2022	135,506	145,451
Balance at beginning of period at Jan. 29, 2022	$ 648,108	$ 1,454	902,704	131,313	1,305	$ (388,668)
Treasury stock at beginning of period (in shares) at Jan. 29, 2022	(9,945)					(9,945)
Net income	$ 253,457
Amounts released from other comprehensive income, net of tax	117
Unrealized gain (loss) on cash flow hedge, net of tax	$ 588
Balance at end of period (in shares) at Jul. 30, 2022	135,052	146,157
Balance at end of period at Jul. 30, 2022	$ 853,591	$ 1,461	928,548	384,770	2,010	$ (463,198)
Treasury stock at end of period (in shares) at Jul. 30, 2022	(11,105)					(11,105)
Balance at beginning of period (in shares) at Apr. 30, 2022		145,941
Balance at beginning of period at Apr. 30, 2022	$ 721,342	$ 1,459	914,120	243,763	2,010	$ (440,010)
Treasury stock at beginning of period (in shares) at Apr. 30, 2022						(10,746)
Net income	141,007			141,007
Amounts released from other comprehensive income, net of tax	0
Unrealized gain (loss) on cash flow hedge, net of tax	0
Common stock issued under stock incentive plans (in shares)		172
Common stock issued under stock incentive plans	0	$ 2	(2)
Common stock issued under ESPP (in shares)		44
Common stock issued under ESPP	2,331		2,331
Stock-based compensation expense	9,387		9,387
Net cash received from option exercises	2,712		2,712
Treasury stock purchases (in shares)						(359)
Treasury stock purchases	$ (23,188)					$ (23,188)
Balance at end of period (in shares) at Jul. 30, 2022	135,052	146,157
Balance at end of period at Jul. 30, 2022	$ 853,591	$ 1,461	$ 928,548	$ 384,770	$ 2,010	$ (463,198)
Treasury stock at end of period (in shares) at Jul. 30, 2022	(11,105)					(11,105)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 253,457	$ 192,567
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97,093	89,834
Amortization of debt issuance costs and accretion of original issue discount	1,663	1,724
Debt extinguishment charges	389	657
Stock-based compensation expense	18,502	34,634
Deferred income tax provision (benefit)	12,212	(6,260)
Changes in operating leases and other non-cash items	32,067	3,187
Increase (decrease) in cash due to changes in:
Accounts receivable	(29,605)	3,584
Merchandise inventories	(45,519)	172,140
Prepaid expenses and other current assets	1,097	(1,665)
Other assets	(1,858)	790
Accounts payable	130,503	41,652
Accrued expenses and other current liabilities	(31,019)	26,049
Other non-current liabilities	4,070	420
Net cash provided by operating activities	443,052	559,313
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment, net of disposals	(191,534)	(147,808)
Proceeds from sale leaseback transactions	2,674	19,080
Acquisitions	(376,521)	0
Net cash used in investing activities	(565,381)	(128,728)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on long term debt	(50,000)	0
Payments on First Lien Term Loan	0	(100,000)
Proceeds from revolving lines of credit	905,000	0
Payments on revolving lines of credit	(555,000)	(260,000)
Debt issuance costs paid	(2,701)	0
Net cash received from stock option exercises	5,018	4,913
Net cash received from Employee Stock Purchase Plan (ESPP)	2,331	1,877
Treasury stock purchases	(74,530)	(79,269)
Proceeds from financing obligations	13,083	1,333
Other financing activities	(2,627)	(543)
Net cash provided by (used in) financing activities	240,574	(431,689)
Net increase (decrease) in cash and cash equivalents	118,245	(1,104)
Cash and cash equivalents at beginning of period	45,436	43,518
Cash and cash equivalents at end of period	163,681	42,414
Supplemental cash flow information:
Interest paid	15,689	23,348
Income taxes paid	81,512	62,844
Non-cash financing and investing activities:
Lease liabilities arising from obtaining right-of-use assets	181,411	160,452
Property additions included in accrued expenses	$ 19,489	$ 18,044

Description of Business

Description of Business	6 Months Ended
	Jul. 30, 2022
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 concentrated primarily on the east coast of the United States. As of July 30, 2022, the Company operated 229 warehouse clubs and 160 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 30, 2022 and July 31, 2021 are referred to herein as the "second quarter of fiscal year 2022" and the "second quarter of fiscal year 2021," respectively. Events and global business conditions such as inflation, the ongoing coronavirus (“COVID-19”) pandemic and the war in Ukraine have resulted in certain impacts to the global economy, including market disruptions and supply chain challenges. During the second quarter of fiscal year 2022 we continued to experience elevated supply chain costs, including increased commodity prices, logistics, and procurement costs. We expect these market disruptions and inflationary pressures to continue throughout 2022. On May 2, 2022, the Company closed the previously announced acquisition of the assets and operations of four distribution centers and the related private transportation fleet from Burris Logistics, LLC. The Company financed the purchase price with a combination of available cash and borrowings under the ABL Facility. See Note 12, "Acquisitions" of our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 30, 2022
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 GAAP. The condensed consolidated balance sheet as of January 29, 2022 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the second quarter of fiscal year 2022 are not necessarily indicative of future results or results to be expected for fiscal year 2022. 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 condensed 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 2021, as filed with the Securities and Exchange Commission on March 17, 2022. Recently Adopted Accounting Pronouncements The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2021 included in its Annual Report on Form 10-K for the fiscal year 2021. There have been no material changes to these accounting policies and no material pronouncements adopted.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 30, 2022
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. Sales tax is 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 tax 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. The following tables summarize the Company’s point of sale transactions at clubs and gas stations, excluding sales tax, as a percentage of both net sales and total revenues: Thirteen Weeks Ended July 30, 2022 July 31, 2021 Point of sale transactions, excluding sales tax, as a percent of net sales 92% 93% Point of sale transactions, excluding sales tax, as a percent of total revenues 90% 91% Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 Point of sale transactions, excluding sales tax, as a percent of net sales 92 % 93 % Point of sale transactions, excluding sales tax, as a percent of total revenues 90 % 91 % 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 is 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 $40.0 million at July 30, 2022, $30.3 million at January 29, 2022 and $25.8 million at July 31, 2021. 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 $28.5 million, $17.8 million and $18.8 million at July 30, 2022, January 29, 2022 and July 31, 2021, respectively. The timing of revenue recognition is driven by actual customer activities, such as redemptions and expirations. As of July 30, 2022, the Company expects to recognize $26.6 million by the end of fiscal year 2022 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 $185.4 million, $174.9 million and $169.3 million at July 30, 2022, January 29, 2022 and July 31, 2021, respectively. Gift Card Program—The Company sells BJ’s gift cards in both physical and digital format, which allows 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 $11.9 million, $11.8 million and $9.7 million at July 30, 2022, January 29, 2022 and July 31, 2021, respectively. The Company recognized $12.7 million and $9.6 million of revenue from gift card redemptions in the second quarter of fiscal year 2022 and second quarter of fiscal year 2021, respectively. The Company recognized $23.2 million and $18.4 million of revenue from gift card redemptions in the twenty-six weeks ended July 30, 2022 and July 31, 2021 respectively. Disaggregation of Revenue The Company’s club retail operations, which include retail club and other sales procured from our clubs and distribution centers, represent substantially all of its consolidated total revenues, and 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 table summarizes the Company’s percentage of net sales disaggregated by category: Thirteen Weeks Ended July 30, 2022 July 31, 2021 Grocery 64 % 70 % General Merchandise and Services 12 % 15 % Gasoline and Other 24 % 15 % Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 Grocery 65 % 71 % General Merchandise and Services 12 % 15 % Gasoline and Other 23 % 14 %

Debt and Credit Arrangements

Debt and Credit Arrangements	6 Months Ended
	Jul. 30, 2022
Debt Disclosure [Abstract]
Debt and Credit Arrangements	Debt and Credit Arrangements The following table summarizes the Company’s debt (in thousands): July 30, 2022 January 29, 2022 July 31, 2021 ABL Revolving Facility $ 350,000 $ — $ — ABL Facility — 50,000 50,000 First Lien Term Loan 701,920 701,920 701,920 Unamortized debt discount and debt issuance cost (2,514) (3,352) (4,190) Less: current portion (350,000) — — Long-term debt $ 699,406 $ 748,568 $ 747,730 ABL Revolving Facility On July 28, 2022, the Company entered into the ABL Revolving Facility with an ABL Revolving Commitment of $1.2 billion pursuant to that certain credit agreement (the "Credit Agreement") with Bank of America, N.A., as administrative agent and collateral agent, and the other lenders party thereto. The maturity date of the ABL Revolving Facility is July 28, 2027. As part of this transaction, the Company extinguished the ABL Facility. Revolving loans under the ABL Revolving Facility are available in an aggregate amount equal to the lesser of the aggregate ABL Revolving Commitment and a borrowing base based on the value of certain inventory, accounts and credit card receivables, subject to specified advance rebates and reserves as set forth in the Credit Agreement. Indebtedness under the ABL Revolving Facility is secured by substantially all of the assets (other than real estate) of the Company and its subsidiaries, subject to customary exceptions. As amended, interest on the ABL Revolving Facility is calculated either at the Secured Overnight Financing Rate ("SOFR") plus a range of 100 to 125 basis points or a base rate plus 0 to 25 basis points, based on excess availability. The Company will also pay an unused commitment fee of 0.20% per annum on the unused ABL Revolving Commitment. Each borrowing is for a period of one three The ABL Revolving Facility places certain restrictions upon the Borrower’s, and its restricted subsidiaries’, ability to, among other things, incur additional indebtedness, pay dividends and make certain loans, investments and divestitures. The ABL Revolving Facility contains customary events of default (including payment defaults, cross-defaults to certain of our other indebtedness, breach of representations and covenants and change of control). The occurrence of an event of default under the ABL Revolving Facility would permit the lenders to accelerate the indebtedness and terminate the ABL Revolving Facility. At July 30, 2022, there were $350.0 million outstanding in loans under the ABL Revolving Facility and $12.9 million in outstanding letters of credit. The interest rate on the revolving credit facility was 3.42% and unused capacity was $576.7 million. ABL Facility - Former Credit Agreement The ABL Revolving Facility replaced the ABL Facility, which comprised of $950.0 million revolving credit facility and a $50.0 million term loan. Interest on the ABL Facility was 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 was 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. At January 29, 2022, there were $50.0 million outstanding in loans under the ABL Facility and $12.7 million in outstanding letters of credit. The interest rate on the revolving credit facility was 1.23%, the interest rate on the term loan was 2.10% and unused capacity was $886.9 million. 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. 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. 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 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 was $701.9 million outstanding on the First Lien Term Loan at July 30, 2022, January 29, 2022 and July 31, 2021. Interest rates for the First Lien Term Loan were 3.96%, 2.11% and 2.10% at July 30, 2022, January 29, 2022 and July 31, 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 30, 2022
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 condensed consolidated financial statements.

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jul. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive PlansOn 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 30, 2022, there were 5,295,613 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 30, 2022 (shares in thousands): Stock Options Restricted Stock Restricted Stock Units Performance Stock Shares Weighted Shares Weighted Shares Weighted Shares Weighted Outstanding, January 29, 2022 2,282 $ 19.68 1,053 $ 34.36 26 $ 46.82 674 $ 39.76 Granted — — 304 67.39 24 58.61 183 67.54 Forfeited/canceled (3) 25.07 (20) 39.76 — — (4) 44.45 Exercised/vested (353) 14.36 (530) 30.88 (26) 46.82 — — Outstanding, July 30, 2022 1,926 $ 20.65 807 $ 48.95 24 $ 58.61 853 $ 45.70 Stock-based compensation expense was $9.4 million and $7.3 million for the thirteen weeks ended July 30, 2022 and July 31, 2021, respectively. Stock-based compensation was $18.5 million and $34.6 million for the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively. Stock-based compensation expense in the twenty-six weeks ended July 31, 2021 included $17.5 million of stock-based compensation related to the modification of stock awards associated with the passing of a former executive. On June 14, 2018, the Company’s board of directors adopted, and its stockholders approved, 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 Company's board of directors. The offering under the ESPP commenced on January 1, 2019. The amount of expense recognized for the thirteen weeks ended July 30, 2022 and July 31, 2021 was $0.3 million and $0.4 million, respectively. The amount of expense recognized for both the twenty-six weeks ended July 30, 2022 and July 31, 2021 was $0.5 million. As of July 30, 2022, there were 2,084,348 shares available for issuance under the ESPP.

Treasury Shares and Share Repur

Treasury Shares and Share Repurchase Program	6 Months Ended
	Jul. 30, 2022
Equity [Abstract]
Treasury Shares and Share Repurchase Program	Treasury Shares and Share Repurchase Program Treasury Shares Acquired on Restricted Stock Awards The Company acquired 5,945 shares to satisfy employees’ tax withholding obligations upon the vesting of restricted stock awards in the thirteen weeks ended July 30, 2022, which were recorded as $0.3 million of t reasury stock. The Company acquired 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 treasury stock. The Company acquired 235,845 shares to satisfy employees' tax withholding obligations upon the vesting of restricted stock awards in the twenty-six weeks ended July 30, 2022, which were recorded as $15.9 million of treasury stock. The Company acquired 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. Share Repurchase Program On November 16, 2021, the Company's board of directors approved a share repurchase program (the "2021 Repurchase Program") that allows the Company to repurchase up to $500.0 million of its outstanding common stock from time to time as market conditions warrant. The 2021 Repurchase Program expires in January 2025. The Company initiated the 2021 Repurchase Program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 30, 2022
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 2022 to be 27.4%, 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 26.6% and 24.7% for the thirteen weeks ended July 30, 2022 and July 31, 2021, respectively, and 24.2% and 24.3% for the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively. The increase in the effective tax rate for the thirteen weeks ended July 30, 2022 compared to the thirteen weeks ended July 31, 2021 is due primarily to lower excess tax benefits from stock-based compensation in the current year period. The slight decrease in the effective tax rate for the twenty-six weeks ended July 30, 2022 compared to the twenty-six weeks ended July 31, 2021 is due to higher excess tax benefits from stock-based compensation in the current year period. The Company is subject to taxation in the U.S. federal and various state taxing jurisdictions. The Company’s tax years from 2017 forward remain open and subject to examination by the Internal Revenue Service and various state taxing authorities.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 30, 2022
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 were 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 were considered to be Level 2. All derivative instruments expired in the first quarter of fiscal year 2022. Financial Assets and Liabilities The gross carrying amount and fair value of the Company’s debt at July 30, 2022 are as follows (in thousands): Carrying Amount Fair Value First Lien Term Loan $ 701,920 $ 700,797 ABL Revolving Facility 350,000 350,000 Total Debt $ 1,051,920 $ 1,050,797 The gross carrying amount and fair value of the Company’s debt at January 29, 2022 are as follows (in thousands): Carrying Amount Fair Value First Lien Term Loan $ 701,920 $ 702,053 ABL Facility 50,000 50,000 Total Debt $ 751,920 $ 752,053 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 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. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The table below reconciles basic weighted-average shares of common stock outstanding to diluted weighted-average shares of common stock outstanding for the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Weighted-average shares of common stock outstanding, used for basic computation 134,341,280 135,521,353 134,292,751 135,615,068 Plus: Incremental shares of potentially dilutive securities 2,226,186 2,675,814 2,341,962 2,814,498 Weighted-average shares of common stock and dilutive potential shares of common stock outstanding 136,567,466 138,197,167 136,634,713 138,429,566 The table below summarizes restricted shares, restricted stock units, and ESPP shares that were excluded from the computation of diluted earnings for the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021, as their inclusion would have been anti-dilutive: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Restricted shares 193,412 12,757 144,519 62,758 Restricted stock units 11,811 — 5,905 — ESPP 510 — 255 —

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jul. 30, 2022
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. 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 and the ineffective portion of gains or losses were recorded as interest expense. 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 released $4.7 million recorded in other comprehensive income 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 released $3.5 million recorded in other comprehensive income to interest expense, net of tax. The interest rate swaps expired in February 2022. There was no liability recorded as of July 30, 2022 and $2.2 million and $14.5 million recorded at January 29, 2022 and July 31, 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. There were no gains or losses recorded for the thirteen weeks ended July 30, 2022 and $4.1 million gain recorded in other comprehensive income for the thirteen weeks ended July 31, 2021. There were gains of $0.8 million and $8.5 million recorded in other comprehensive income for the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively. There were no ineffective portion of gains in the thirteen weeks ended July 30, 2022 and $0.3 million recorded in interest expense for the twenty-six weeks ended July 30, 2022. The ineffective portion of gains in the thirteen and twenty-six weeks ended July 31, 2021 of $1.6 million and $3.4 million, respectively, were recorded in interest expense. The fair values of derivative instruments included on the condensed consolidated balance sheets are as follows (in thousands): Fair Value at Accounting Notional Amount Fixed Rate Balance Sheet Classification July 30, 2022 January 29, 2022 July 31, 2021 Interest rate swap $ 600,000 3.00 % Other current liabilities $ — $ (1,540) $ (10,374) Interest rate swap 360,000 3.00 % Other current liabilities — — — Interest rate swap 240,000 3.00 % Other current liabilities — (616) (4,146) Net carrying amount $ 1,200,000 Total liabilities $ — $ (2,156) $ (14,520)

Acquisitions

Acquisitions	6 Months Ended
	Jul. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On May 2, 2022, the Company completed the Acquisition to bring its perishable end-to-end perishable supply chain in-house. The total consideration paid by the Company in connection with the Acquisition was approximately $375.6 million, excluding transaction costs. The Company recorded transaction costs related to the Acquisition of $3.6 million and $11.5 million during the thirteen and twenty-six weeks ended July 30, 2022, respectively. These costs are included in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income. The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed (in thousands) in connection with the Acquisition: Fair value as of May 2, 2022 Assets: Property and equipment, net $ 203,400 Merchandise inventories 88,072 Goodwill 84,683 Operating lease right-of-use assets, net 15,994 Prepaid expenses and other current assets 433 Intangibles, net 100 Total Assets 392,682 Liabilities: Long-term operating lease liabilities (15,994) Accrued expenses and other current liabilities (1,106) Total Liabilities (17,100) Total consideration paid, including working capital adjustments $ 375,582 Goodwill represents the excess of the purchase price over the net identifiable assets acquired and liabilities assumed. Goodwill is primarily attributable to the assembled workforce and bringing the Company's perishable supply chain in-house. Goodwill deductible for tax purposes is $84.7 million. The Acquisition was accounted for as a business combination using the acquisition method with the Company as the accounting acquirer in accordance with ASC 805. Under this method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed of the acquiree based upon their estimated fair values at the acquisition date. The purchase price allocation for the Acquisition is preliminary and the Company's estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date) as the Company finalizes the valuation of certain tangible and intangible assets acquired and liabilities assumed. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 30, 2022
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 GAAP. The condensed consolidated balance sheet as of January 29, 2022 is derived from the audited consolidated balance sheet as of that date. The unaudited results of operations for the second quarter of fiscal year 2022 are not necessarily indicative of future results or results to be expected for fiscal year 2022. 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 condensed 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 2021, as filed with the Securities and Exchange Commission on March 17, 2022.
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 2021 included in its Annual Report on Form 10-K for the fiscal year 2021. There have been no material changes to these accounting policies and no material pronouncements adopted.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 30, 2022
Revenue from Contract with Customer [Abstract]
Point of sale transactions as a percentage of net sales and total revenues	The following tables summarize the Company’s point of sale transactions at clubs and gas stations, excluding sales tax, as a percentage of both net sales and total revenues: Thirteen Weeks Ended July 30, 2022 July 31, 2021 Point of sale transactions, excluding sales tax, as a percent of net sales 92% 93% Point of sale transactions, excluding sales tax, as a percent of total revenues 90% 91% Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 Point of sale transactions, excluding sales tax, as a percent of net sales 92 % 93 % Point of sale transactions, excluding sales tax, as a percent of total revenues 90 % 91 %
Disaggregation of revenue	The following table summarizes the Company’s percentage of net sales disaggregated by category: Thirteen Weeks Ended July 30, 2022 July 31, 2021 Grocery 64 % 70 % General Merchandise and Services 12 % 15 % Gasoline and Other 24 % 15 % Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 Grocery 65 % 71 % General Merchandise and Services 12 % 15 % Gasoline and Other 23 % 14 %

Debt and Credit Arrangements (T

Debt and Credit Arrangements (Tables)	6 Months Ended
	Jul. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes the Company’s debt (in thousands): July 30, 2022 January 29, 2022 July 31, 2021 ABL Revolving Facility $ 350,000 $ — $ — ABL Facility — 50,000 50,000 First Lien Term Loan 701,920 701,920 701,920 Unamortized debt discount and debt issuance cost (2,514) (3,352) (4,190) Less: current portion (350,000) — — Long-term debt $ 699,406 $ 748,568 $ 747,730

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	6 Months Ended
	Jul. 30, 2022
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 30, 2022 (shares in thousands): Stock Options Restricted Stock Restricted Stock Units Performance Stock Shares Weighted Shares Weighted Shares Weighted Shares Weighted Outstanding, January 29, 2022 2,282 $ 19.68 1,053 $ 34.36 26 $ 46.82 674 $ 39.76 Granted — — 304 67.39 24 58.61 183 67.54 Forfeited/canceled (3) 25.07 (20) 39.76 — — (4) 44.45 Exercised/vested (353) 14.36 (530) 30.88 (26) 46.82 — — Outstanding, July 30, 2022 1,926 $ 20.65 807 $ 48.95 24 $ 58.61 853 $ 45.70

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 30, 2022
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 30, 2022 are as follows (in thousands): Carrying Amount Fair Value First Lien Term Loan $ 701,920 $ 700,797 ABL Revolving Facility 350,000 350,000 Total Debt $ 1,051,920 $ 1,050,797 The gross carrying amount and fair value of the Company’s debt at January 29, 2022 are as follows (in thousands): Carrying Amount Fair Value First Lien Term Loan $ 701,920 $ 702,053 ABL Facility 50,000 50,000 Total Debt $ 751,920 $ 752,053 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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 30, 2022
Earnings Per Share [Abstract]
Basic and diluted weighted-average shares of common stock outstanding	The table below reconciles basic weighted-average shares of common stock outstanding to diluted weighted-average shares of common stock outstanding for the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Weighted-average shares of common stock outstanding, used for basic computation 134,341,280 135,521,353 134,292,751 135,615,068 Plus: Incremental shares of potentially dilutive securities 2,226,186 2,675,814 2,341,962 2,814,498 Weighted-average shares of common stock and dilutive potential shares of common stock outstanding 136,567,466 138,197,167 136,634,713 138,429,566
Anti-dilutive restricted shares and stock options	The table below summarizes restricted shares, restricted stock units, and ESPP shares that were excluded from the computation of diluted earnings for the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021, as their inclusion would have been anti-dilutive: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Restricted shares 193,412 12,757 144,519 62,758 Restricted stock units 11,811 — 5,905 — ESPP 510 — 255 —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jul. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair values of derivative instruments by balance sheet location	The fair values of derivative instruments included on the condensed consolidated balance sheets are as follows (in thousands): Fair Value at Accounting Notional Amount Fixed Rate Balance Sheet Classification July 30, 2022 January 29, 2022 July 31, 2021 Interest rate swap $ 600,000 3.00 % Other current liabilities $ — $ (1,540) $ (10,374) Interest rate swap 360,000 3.00 % Other current liabilities — — — Interest rate swap 240,000 3.00 % Other current liabilities — (616) (4,146) Net carrying amount $ 1,200,000 Total liabilities $ — $ (2,156) $ (14,520)

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jul. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Estimated fair values of assets acquired and liabilities assumed	The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed (in thousands) in connection with the Acquisition: Fair value as of May 2, 2022 Assets: Property and equipment, net $ 203,400 Merchandise inventories 88,072 Goodwill 84,683 Operating lease right-of-use assets, net 15,994 Prepaid expenses and other current assets 433 Intangibles, net 100 Total Assets 392,682 Liabilities: Long-term operating lease liabilities (15,994) Accrued expenses and other current liabilities (1,106) Total Liabilities (17,100) Total consideration paid, including working capital adjustments $ 375,582

Description of Business (Detail

Description of Business (Details)	May 02, 2022 distribution_center	Jul. 30, 2022 state gas_station store
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores | store		229
Number of gas stations | gas_station		160
Number of states in which entity operates | state		17
Burris Logistics
Subsequent Event [Line Items]
Number of distribution centers acquired | distribution_center	4

Revenue Recognition - Point of

Revenue Recognition - Point of Sale Transactions as a Percentage of Net Sales and Total Revenue (Details) - Revenue from Rights Concentration Risk - Point Of Sale Transaction	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Net sales
Concentration Risk [Line Items]
Concentration risk percentage	92%	93%	92%	93%
Total revenue
Concentration Risk [Line Items]
Concentration risk percentage	90%	91%	90%	91%

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021	Jan. 29, 2022
Revenue, Major Customer [Line Items]
Percentage of cash back earned			2%
Maximum annual cash back amount	$ 500		$ 500
Percentage of cash back earned, eligible purchases			5%
Cash back in the form of electronic awards issued			$ 10
Cash back, expiration period			6 months
Award liability	40,000,000	$ 25,800,000	$ 40,000,000	$ 25,800,000	$ 30,300,000
Remaining performance obligation	28,500,000	18,800,000	28,500,000	18,800,000	17,800,000
Revenue	5,103,816,000	4,177,155,000	9,600,251,000	8,045,377,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-31
Revenue, Major Customer [Line Items]
Remaining performance obligation	$ 26,600,000		$ 26,600,000
Remaining performance obligation, timing of satisfaction	6 months		6 months
Membership
Revenue, Major Customer [Line Items]
Membership fee term	12 months
Deferred revenue related to membership fees	$ 185,400,000	169,300,000	$ 185,400,000	169,300,000	174,900,000
Revenue	98,786,000	88,753,000	195,411,000	175,141,000
Gift Card Programs
Revenue, Major Customer [Line Items]
Deferred revenue related to membership fees	11,900,000	9,700,000	11,900,000	9,700,000	$ 11,800,000
Revenue	$ 12,700,000	$ 9,600,000	$ 23,200,000	$ 18,400,000

Revenue Recognition - Percentag

Revenue Recognition - Percentage of Net Sales Disaggregated by Category (Details)	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Grocery
Disaggregation of Revenue [Line Items]
Net sales percentage	64%	70%	65%	71%
General Merchandise and Services
Disaggregation of Revenue [Line Items]
Net sales percentage	12%	15%	12%	15%
Gasoline and Other
Disaggregation of Revenue [Line Items]
Net sales percentage	24%	15%	23%	14%

Debt and Credit Arrangements -

Debt and Credit Arrangements - Debt Components (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Carrying Amount	$ 1,051,920	$ 751,920	$ 751,920
Unamortized debt discount and debt issuance cost	(2,514)	(3,352)	(4,190)
Less: current portion	(350,000)	0	0
Long-term debt	699,406	748,568	747,730
ABL Revolving Facility
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Carrying Amount	350,000	0	0
ABL Facility
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Carrying Amount	0	50,000	50,000
First Lien Term Loan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Carrying Amount	$ 701,920	$ 701,920	$ 701,920

Debt and Credit Arrangements _2

Debt and Credit Arrangements - Narrative (Details) - USD ($)				6 Months Ended
	Jul. 28, 2022	Jul. 30, 2021	Apr. 30, 2021	Jul. 30, 2022	Jul. 31, 2021	Jan. 29, 2022
Debt Instrument [Line Items]
Carrying Amount				$ 1,051,920,000	$ 751,920,000	$ 751,920,000
Amortization of debt issuance costs and accretion of original issue discount				1,663,000	1,724,000
ABL Revolving Facility
Debt Instrument [Line Items]
Carrying Amount				350,000,000	0	0
ABL Facility
Debt Instrument [Line Items]
Carrying Amount				0	$ 50,000,000	$ 50,000,000
Repayments of debt		$ 210,000,000
ABL Facility | Term Loan
Debt Instrument [Line Items]
Principal amount				$ 50,000,000
Stated interest rate					2.10%	2.10%
Repayments of debt			$ 50,000,000
ABL Facility | Term Loan | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1%
ABL Facility | Term Loan | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				2%
ABL Facility | Term Loan | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
ABL Facility | Term Loan | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				2.50%
First Lien Term Loan
Debt Instrument [Line Items]
Carrying Amount				$ 701,920,000	$ 701,920,000	$ 701,920,000
Minimum net leverage ratio for interest rate adjustment				3.50
Repayments of debt			100,000,000
Amortization of debt issuance costs and accretion of original issue discount			$ 700,000
Effective interest rate				3.96%	2.10%	2.11%
Revolving Credit Facility | ABL Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000
Commitment fee percentage	0.20%
Carrying Amount				$ 350,000,000
Interest rate at end of period				3.42%
Unused capacity				$ 576,700,000
Revolving Credit Facility | ABL Revolving Facility | Term one
Debt Instrument [Line Items]
Term of borrowing				1 month
Revolving Credit Facility | ABL Revolving Facility | Term two
Debt Instrument [Line Items]
Term of borrowing				3 months
Revolving Credit Facility | ABL Revolving Facility | Term three
Debt Instrument [Line Items]
Term of borrowing				6 months
Revolving Credit Facility | ABL Revolving Facility | Term four
Debt Instrument [Line Items]
Term of borrowing				12 months
Revolving Credit Facility | ABL Revolving Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Revolving Credit Facility | ABL Revolving Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Revolving Credit Facility | ABL Revolving Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility | ABL Revolving Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 950,000,000
Carrying Amount					$ 50,000,000	$ 50,000,000
Interest rate at end of period					1.23%	1.23%
Unused capacity					$ 768,200,000	$ 886,900,000
Revolving Credit Facility | ABL Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Revolving Credit Facility | ABL Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Revolving Credit Facility | ABL Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Revolving Credit Facility | ABL Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Letter of Credit | ABL Revolving Facility
Debt Instrument [Line Items]
Carrying Amount				$ 12,900,000
Letter of Credit | ABL Facility
Debt Instrument [Line Items]
Carrying Amount					$ 24,100,000	$ 12,700,000

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021	Jun. 14, 2018	Jun. 13, 2018
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 9.4	$ 7.3	$ 18.5	$ 34.6
Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, modification of stock awards				17.5
The 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized for issuance (in shares)						13,148,058
The 2011 Plan and 2012 Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance (in shares)						985,369
Shares available for future issuance (in shares)	5,295,613		5,295,613
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance (in shares)	2,084,348		2,084,348
Stock-based compensation expense	$ 0.3	$ 0.4	$ 0.5	$ 0.5
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%

Stock Incentive Plans - Stock A

Stock Incentive Plans - Stock Award Activity (Details) shares in Thousands	6 Months Ended
	Jul. 30, 2022 $ / shares shares
Stock Options
Shares
Outstanding (in shares) | shares	2,282
Granted (in shares) | shares	0
Forfeited/canceled (in shares) | shares	(3)
Exercised/vested (in shares) | shares	(353)
Outstanding (in shares) | shares	1,926
Weighted Average Exercise Price
Outstanding (in USD per share) | $ / shares	$ 19.68
Granted (in USD per share) | $ / shares	0
Forfeited/canceled (in USD per share) | $ / shares	25.07
Exercised/vested (in USD per share) | $ / shares	14.36
Outstanding (in USD per share) | $ / shares	$ 20.65
Restricted Stock
Shares
Outstanding (in shares) | shares	1,053
Granted (in shares) | shares	304
Forfeited/canceled (in shares) | shares	(20)
Exercised/vested (in shares) | shares	(530)
Outstanding (in shares) | shares	807
Weighted Average Grant Date Fair Value
Outstanding (in USD per share) | $ / shares	$ 34.36
Granted (in USD per share) | $ / shares	67.39
Forfeited/canceled (in USD per share) | $ / shares	39.76
Exercised/vested (in USD per share) | $ / shares	30.88
Outstanding (in USD per share) | $ / shares	$ 48.95
Restricted Stock Units
Shares
Outstanding (in shares) | shares	26
Granted (in shares) | shares	24
Forfeited/canceled (in shares) | shares	0
Exercised/vested (in shares) | shares	(26)
Outstanding (in shares) | shares	24
Weighted Average Grant Date Fair Value
Outstanding (in USD per share) | $ / shares	$ 46.82
Granted (in USD per share) | $ / shares	58.61
Forfeited/canceled (in USD per share) | $ / shares	0
Exercised/vested (in USD per share) | $ / shares	46.82
Outstanding (in USD per share) | $ / shares	$ 58.61
Performance Stock
Shares
Outstanding (in shares) | shares	674
Granted (in shares) | shares	183
Forfeited/canceled (in shares) | shares	(4)
Exercised/vested (in shares) | shares	0
Outstanding (in shares) | shares	853
Weighted Average Grant Date Fair Value
Outstanding (in USD per share) | $ / shares	$ 39.76
Granted (in USD per share) | $ / shares	67.54
Forfeited/canceled (in USD per share) | $ / shares	44.45
Exercised/vested (in USD per share) | $ / shares	0
Outstanding (in USD per share) | $ / shares	$ 45.70

Treasury Shares and Share Rep_2

Treasury Shares and Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 30, 2022	Apr. 30, 2022	Jul. 31, 2021	May 01, 2021	Jul. 30, 2022	Jul. 31, 2021	Nov. 16, 2021
Equity [Abstract]
Shares reacquired to satisfy tax withholding obligations (in shares)	5,945		120,421		235,845	346,825
Shares reacquired to satisfy tax withholding obligations	$ 300		$ 5,600		$ 15,900	$ 15,700
Equity, Class of Treasury Stock [Line Items]
Shares repurchased	$ 23,188	$ 51,342	$ 55,238	$ 24,031
2021 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, amount authorized							$ 500,000
Shares repurchased (in shares)	353,000				923,506
Shares repurchased	$ 22,800				$ 58,600
Share repurchase program, amount remaining available	$ 412,600				$ 412,600

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021	Jan. 28, 2023
Income Tax Contingency [Line Items]
Effective tax rate	26.60%	24.70%	24.20%	24.30%
Forecast
Income Tax Contingency [Line Items]
Effective tax rate					27.40%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 1,051,920	$ 751,920	$ 751,920
Fair Value	1,050,797	752,053	750,032
First Lien Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	701,920	701,920	701,920
Fair Value	700,797	702,053	700,032
ABL Revolving Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	350,000	0	0
Fair Value	350,000
ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 0	50,000	50,000
Fair Value		$ 50,000	$ 50,000

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Weighted-Average Shares of Common Stock Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Earnings Per Share [Abstract]
Weighted-average shares of common stock outstanding, used for basic computation (in shares)	134,341,280	135,521,353	134,292,751	135,615,068
Plus: Incremental shares of potentially dilutive securities (in shares)	2,226,186	2,675,814	2,341,962	2,814,498
Weighted-average shares of common stock and dilutive potential shares of common stock outstanding (in shares)	136,567,466	138,197,167	136,634,713	138,429,566

Earnings Per Share - Anti-Dilut

Earnings Per Share - Anti-Dilutive Restricted Shares and Stock Options (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	193,412	12,757	144,519	62,758
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	11,811	0	5,905	0
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	510	0	255	0

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Jul. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	Nov. 13, 2018 derivative_instrument	Jul. 30, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jul. 30, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jan. 29, 2022 USD ($)	Feb. 13, 2019 USD ($)
Derivative [Line Items]
Number of derivative instruments entered | derivative_instrument			3
Amount of hedged item									$ 1,200,000
Interest rate									3%
Gains (losses) reclassified to interest expense	$ (3,500)	$ (4,700)
Interest rate swap liability				$ 0	$ 14,520	$ 0	$ 14,520	$ 2,156
Derivative gains				0	4,100	800	8,500
Interest expense				$ 0	$ 1,600	$ 300	$ 3,400
First Lien Term Loan And ABL Facility
Derivative [Line Items]
Repayments of debt		150,000
First Lien Term Loan
Derivative [Line Items]
Repayments of debt		100,000
ABL Facility
Derivative [Line Items]
Repayments of debt	$ 210,000
ABL Facility | Term Loan
Derivative [Line Items]
Repayments of debt		$ 50,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,200,000
Fair Value	0	$ (2,156)	$ (14,520)
Interest Rate Swap 1
Derivatives, Fair Value [Line Items]
Notional Amount	$ 600,000
Fixed Rate	3%
Interest Rate Swap 1 | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair Value	$ 0	(1,540)	(10,374)
Interest Rate Swap 2
Derivatives, Fair Value [Line Items]
Notional Amount	$ 360,000
Fixed Rate	3%
Interest Rate Swap 2 | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair Value	$ 0	0	0
Interest Rate Swap 3
Derivatives, Fair Value [Line Items]
Notional Amount	$ 240,000
Fixed Rate	3%
Interest Rate Swap 3 | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair Value	$ 0	$ (616)	$ (4,146)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Burris Logistics - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	May 02, 2022	Jul. 30, 2022	Jul. 30, 2022
Business Acquisition [Line Items]
Consideration paid	$ 375.6
Transaction costs		$ 3.6	$ 11.5
Revenue of acquiree		$ 21.8	$ 21.8

Acquisitions - Assets Acquired

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jul. 30, 2022	May 02, 2022	Jan. 29, 2022	Jul. 31, 2021
Assets:
Goodwill	$ 1,008,816		$ 924,134	$ 924,134
Burris Logistics
Assets:
Property and equipment, net		$ 203,400
Merchandise inventories		88,072
Goodwill		84,683
Operating lease right-of-use assets, net		15,994
Prepaid expenses and other current assets		433
Intangibles, net		100
Total Assets		392,682
Liabilities:
Long-term operating lease liabilities		(15,994)
Accrued expenses and other current liabilities		(1,106)
Total Liabilities		(17,100)
Total consideration paid, including working capital adjustments		$ 375,582