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 |