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    BJ's Wholesale Club Holdings, Inc. Announces Fourth Quarter and Full Fiscal 2024 Results

    3/6/25 6:45:00 AM ET
    $BJ
    Department/Specialty Retail Stores
    Consumer Discretionary
    Get the next $BJ alert in real time by email

    Strong fourth quarter caps record year

    Fourth Quarter of Fiscal 2024 Highlights

    • Comparable club sales increased by 4.0% year-over-year
    • Comparable club sales, excluding gasoline sales, increased by 4.6% year-over-year led by traffic
    • Membership fee income increased by 7.9% year-over-year to $117.0 million
    • The Company continued to achieve a 90% tenured member renewal rate during fiscal 2024
    • Digitally enabled comparable sales growth was 26.0%, reflecting two-year stacked comp growth of 53.0%
    • Earnings per diluted share of $0.92 and adjusted earnings per diluted share of $0.93

    BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) (the "Company") today announced its financial results for the thirteen and fifty-two weeks ended February 1, 2025.

    "Our terrific fourth quarter performance contributed to a record year at BJ's, powered by all-time high membership results. Our improved assortment, investments in value and significant growth in digital sales drove our 12th consecutive quarter of traffic growth. We are also growing our footprint at pace to serve even more members," said Bob Eddy, Chairman and Chief Executive Officer, BJ's Wholesale Club. "I am very proud of our team's strategic progress and their commitment to providing our members great value every day."

    Key Measures for the Thirteen Weeks Ended February 1, 2025 (Fourth Quarter of Fiscal 2024) and for the Fifty-Two Weeks Ended February 1, 2025 (Fiscal 2024):

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    (Amounts in thousands, except per share amounts)

     

     

    13 Weeks Ended

    February 1, 2025

     

    14 Weeks Ended

    February 3, 2024

     

    %

    Growth (Decline)

     

    52 Weeks Ended

    February 1, 2025

     

    53 Weeks Ended

    February 3, 2024

     

    %

    Growth (Decline)

    Net sales

    $

    5,161,536

     

    $

    5,248,879

     

    (1.7

    )%

     

    $

    20,045,329

     

    $

    19,548,011

     

    2.5

    %

    Membership fee income

     

    116,990

     

     

    108,405

     

    7.9

    %

     

     

    456,475

     

     

    420,678

     

    8.5

    %

    Total revenues

     

    5,278,526

     

     

    5,357,284

     

    (1.5

    )%

     

     

    20,501,804

     

     

    19,968,689

     

    2.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Operating income

     

    178,393

     

     

    214,005

     

    (16.6

    )%

     

     

    772,206

     

     

    800,419

     

    (3.5

    )%

    Income from continuing operations

     

    122,662

     

     

    145,872

     

    (15.9

    )%

     

     

    534,417

     

     

    523,652

     

    2.1

    %

    Adjusted EBITDA (a)

     

    264,568

     

     

    290,743

     

    (9.0

    )%

     

     

    1,090,595

     

     

    1,082,129

     

    0.8

    %

    Net income

     

    122,662

     

     

    145,872

     

    (15.9

    )%

     

     

    534,417

     

     

    523,741

     

    2.0

    %

    EPS (b)

     

    0.92

     

     

    1.08

     

    (14.8

    )%

     

     

    4.00

     

     

    3.88

     

    3.1

    %

    Adjusted net income (a)

     

    124,117

     

     

    149,843

     

    (17.2

    )%

     

     

    541,111

     

     

    534,537

     

    1.2

    %

    Adjusted EPS (a)

     

    0.93

     

     

    1.11

     

    (16.2

    )%

     

     

    4.05

     

     

    3.96

     

    2.3

    %

    Basic weighted-average shares outstanding

     

    131,690

     

     

    132,530

     

    (0.6

    )%

     

     

    132,150

     

     

    133,047

     

    (0.7

    )%

    Diluted weighted-average shares outstanding

     

    133,128

     

     

    134,505

     

    (1.0

    )%

     

     

    133,605

     

     

    135,118

     

    (1.1

    )%

    (a) See "Note Regarding Non-GAAP Financial Information."

    (b) EPS represents net income per diluted share.

    Impact of 53-Week Fiscal Year:

    • The fourth quarter and full year results for fiscal 2023 included one additional week (the "53rd week") compared to the fourth quarter and full year results for fiscal 2024. Net sales and net income for the 53rd week were approximately $353.4 million and $13.4 million, respectively.

    Additional Highlights:

    • Total comparable club sales increased by 4.0% and 2.5% in the fourth quarter and fiscal 2024, respectively, compared to the fourth quarter of the prior year and fiscal 2023. Excluding the impact of gasoline sales, comparable club sales increased by 4.6% and 2.8% in the fourth quarter and fiscal 2024, respectively, compared to the same periods in fiscal 2023.
    • Membership fee income increased to $117.0 million in the fourth quarter of fiscal 2024 from $108.4 million in the fourth quarter of fiscal 2023. Membership fee income increased to $456.5 million in fiscal 2024 compared to $420.7 million in fiscal 2023. The increase in both comparative periods was primarily driven by strength in membership acquisition, retention and higher tier membership penetration across both new and existing clubs.
    • Due primarily to the impact of the 53rd week in fiscal 2023, gross profit decreased to $949.0 million in the fourth quarter of fiscal 2024 from $963.3 million in the fourth quarter of fiscal 2023. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, decreased by approximately 10 basis points compared to the fourth quarter of fiscal 2023. Gross profit increased to $3.76 billion in fiscal 2024 from $3.64 billion in fiscal 2023. Merchandise gross margin rate decreased by approximately 10 basis points compared to fiscal 2023. Merchandise margins were negatively impacted by the mix of sales for both comparative periods, as well as the Company's continued investments in the business.
    • Selling, general and administrative expenses ("SG&A") increased to $758.2 million in the fourth quarter of fiscal 2024 compared to $741.1 million in the fourth quarter of fiscal 2023. SG&A increased to $2.96 billion in fiscal 2024 compared to $2.82 billion in fiscal 2023. The increase in both comparative periods was primarily driven by increased labor and occupancy costs as a result of new club and gas station openings and an increase in incentive compensation. Additionally, an increase in the number of owned clubs has resulted in increased depreciation expense. The increase in SG&A for fiscal 2024 compared to fiscal 2023 was partially offset by the net impact of legal settlements reached of approximately $20 million during fiscal 2024, as well as the impact of the 53rd week.
    • Income from continuing operations before income taxes decreased to $166.3 million, or 3.2% of total revenues, in the fourth quarter of fiscal 2024 compared to $198.4 million, or 3.7% of total revenues, in the fourth quarter of fiscal 2023. Income from continuing operations before income taxes decreased to $720.8 million, or 3.5% of total revenues, in fiscal 2024 compared to $735.9 million, or 3.7% of total revenues, in fiscal 2023.
    • Income tax expense decreased to $43.7 million in the fourth quarter of fiscal 2024 compared to $52.6 million in the fourth quarter of fiscal 2023. Income tax expense decreased to $186.4 million in fiscal 2024 compared to $212.2 million in fiscal 2023. The decreases in income tax expense for both comparative periods were primarily driven by higher tax benefits from stock-based compensation, as well as decreases in income from continuing operations before income taxes.
    • Net income decreased to $122.7 million in the fourth quarter of fiscal 2024 compared to $145.9 million in the fourth quarter of fiscal 2023. Net income increased to $534.4 million in fiscal 2024 compared to $523.7 million in fiscal 2023.
    • Adjusted EBITDA decreased by 9.0% to $264.6 million in the fourth quarter of fiscal 2024 compared to $290.7 million in the fourth quarter of fiscal 2023. Adjusted EBITDA increased by 0.8% to $1.09 billion in fiscal 2024 compared to $1.08 billion in fiscal 2023.
    • Under its existing share repurchase program, the Company repurchased 645,294 shares of common stock, totaling $61.6 million, inclusive of associated costs, in the fourth quarter of fiscal 2024. In fiscal 2024, the Company repurchased 2,181,885 shares of common stock, totaling $190.9 million, inclusive of associated costs, under such program, which expired in the fourth quarter of fiscal 2024. The Company repurchased a total of 6,826,153 shares under such program since its inception in the fourth quarter of fiscal 2021, utilizing the entire authorization of $500.0 million.
    • On November 18, 2024, the Company's Board of Directors approved a new share repurchase program. The authorization allows the Company to repurchase up to $1.0 billion of its outstanding common stock and will expire in January 2029. This authority may be exercised from time to time and in such amounts as market conditions warrant. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate requirements, market conditions, and other corporate liquidity requirements and priorities.
    • On November 4, 2024, the Company amended its senior secured first lien term loan. The interest rate was reduced from the Secured Overnight Financing Rate ("SOFR") plus 200 basis points per annum to SOFR plus 175 basis points per annum.

    Fiscal 2025 Ending January 31, 2026 Outlook

    "As we look to fiscal 2025, we believe our continued focus on our strategic priorities and commitment to delivering great value will drive strong results for our business," said Laura Felice, Executive Vice President, Chief Financial Officer, BJ's Wholesale Club. "We also recognize the macro-driven uncertainties in the operating environment and as such, remain cautiously optimistic about the year."

    The Company provided the following guidance for fiscal 2025:

    • Comparable club sales, excluding the impact of gasoline sales, to increase 2.0% to 3.5% year-over-year
    • Adjusted EPS to range from $4.10 to $4.30
    • Capital expenditures of approximately $800 million, driven by our growing pipeline of future clubs and the construction of the Company's recently announced ambient distribution center

    Conference Call Details

    A conference call to discuss the Company's fourth quarter and fiscal 2024 financial results is scheduled for today, March 6, 2025, at 8:30 A.M. Eastern Time. The live audio webcast of the call can be accessed under the "Events and Presentations" section of the Company's investor relations website at https://investors.bjs.com and will remain available for one year. Participants may also dial (833) 470-1428 within the U.S. or +1 (929) 526-1599 outside the U.S. and reference conference ID 359042.

    About BJ's Wholesale Club Holdings, Inc.

    BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) is a leading operator of membership warehouse clubs focused on delivering significant value to its members and serving a shared purpose: "We take care of the families who depend on us." The Company provides a wide assortment of fresh foods, produce, a full-service deli, fresh bakery, household essentials and gas. In addition, BJ's offers the latest technology, home decor, apparel, seasonal items and more to deliver unbeatable value to smart-saving families. Headquartered in Marlborough, Massachusetts, the Company pioneered the warehouse club model in New England in 1984 and currently operates 252 clubs and 188 BJ's Gas® locations in 21 states. For more information, please visit us at www.bjs.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position; our anticipated fiscal 2025 outlook; the timing and amounts of any share repurchases under our current authorized share repurchase programs; and our strategic priorities and future progress, as well as statements that include the words "expect," "intend," "plan," "confident," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: uncertainties in the financial markets, including, without limitation, as a result of disruptions and instability in the banking and financial services industries or as a result of wars and global political conflicts, consumer and small business spending patterns and debt levels; our dependence on having a large and loyal membership; domestic and international economic conditions, including volatility in inflation or interest rates, supply chain disruptions, construction delays and exchange rates; our ability to procure the merchandise we sell at the best possible prices; the effects of competition and regulation; our dependence on vendors to supply us with quality merchandise at the right time and at the right price; breaches of security or privacy of member or business information; conditions affecting the acquisition, development, ownership or use of real estate; our capital spending; actions of vendors; our ability to attract and retain a qualified management team and other team members; costs associated with employees (generally including health care costs), energy and certain commodities, geopolitical conditions (including tariffs); changes in our product mix or in our revenues from gasoline sales; our failure to successfully maintain a relevant omnichannel experience for our members; risks related to our growth strategy to open new clubs; risks related to our e-commerce business; our ability to grow our BJ's One Mastercard® program; and other important factors discussed under the caption "Risk Factors" in our Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on March 18, 2024, and subsequent filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures

    We refer to certain financial measures that are not recognized under United States generally accepted accounting principles ("GAAP"). Please see "Note Regarding Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information" below for additional information and a reconciliation of the Non-GAAP financial measures to the most comparable GAAP financial measures.

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Amounts in thousands, except per share amounts)

    (Unaudited)

     

     

    13 Weeks Ended

    February 1, 2025

     

    14 Weeks Ended

    February 3, 2024

     

    52 Weeks Ended

    February 1, 2025

     

    53 Weeks Ended

    February 3, 2024

    Net sales

    $

    5,161,536

     

    $

    5,248,879

     

    $

    20,045,329

     

    $

    19,548,011

    Membership fee income

     

    116,990

     

     

    108,405

     

     

    456,475

     

     

    420,678

    Total revenues

     

    5,278,526

     

     

    5,357,284

     

     

    20,501,804

     

     

    19,968,689

    Cost of sales

     

    4,329,542

     

     

    4,394,009

     

     

    16,737,378

     

     

    16,326,129

    Selling, general and administrative expenses

     

    758,209

     

     

    741,121

     

     

    2,963,883

     

     

    2,822,513

    Pre-opening expenses

     

    12,382

     

     

    8,149

     

     

    28,337

     

     

    19,628

    Operating income

     

    178,393

     

     

    214,005

     

     

    772,206

     

     

    800,419

    Interest expense, net

     

    12,060

     

     

    15,559

     

     

    51,359

     

     

    64,527

    Income from continuing operations before income taxes

     

    166,333

     

     

    198,446

     

     

    720,847

     

     

    735,892

    Provision for income taxes

     

    43,671

     

     

    52,574

     

     

    186,430

     

     

    212,240

    Income from continuing operations

     

    122,662

     

     

    145,872

     

     

    534,417

     

     

    523,652

    Income from discontinued operations, net of income taxes

     

    —

     

     

    —

     

     

    —

     

     

    89

    Net income

    $

    122,662

     

    $

    145,872

     

    $

    534,417

     

    $

    523,741

    Income per share attributable to common stockholders—basic:

     

     

     

     

     

     

     

    Income from continuing operations

    $

    0.93

     

    $

    1.10

     

    $

    4.04

     

    $

    3.94

    Income from discontinued operations

     

    —

     

     

    —

     

     

    —

     

     

    —

    Net income

    $

    0.93

     

    $

    1.10

     

    $

    4.04

     

    $

    3.94

    Income per share attributable to common stockholders—diluted:

     

     

     

     

     

     

     

    Income from continuing operations

    $

    0.92

     

    $

    1.08

     

    $

    4.00

     

    $

    3.88

    Income from discontinued operations

     

    —

     

     

    —

     

     

    —

     

     

    —

    Net income

    $

    0.92

     

    $

    1.08

     

    $

    4.00

     

    $

    3.88

    Weighted-average number of shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    131,690

     

     

    132,530

     

     

    132,150

     

     

    133,047

    Diluted

     

    133,128

     

     

    134,505

     

     

    133,605

     

     

    135,118

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Amounts in thousands, except per share amounts)

    (Unaudited)

     

     

    February 1, 2025

     

    February 3, 2024

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    28,272

     

    $

    36,049

    Accounts receivable, net

     

    277,326

     

     

    234,769

    Merchandise inventories

     

    1,508,988

     

     

    1,454,822

    Prepaid expense and other current assets

     

    64,374

     

     

    68,366

    Total current assets

     

    1,878,960

     

     

    1,794,006

     

     

     

     

    Operating lease right-of-use assets, net

     

    2,100,257

     

     

    2,140,482

    Property and equipment, net

     

    1,897,604

     

     

    1,578,792

    Goodwill

     

    1,008,816

     

     

    1,008,816

    Intangibles, net

     

    101,109

     

     

    107,632

    Deferred income taxes

     

    6,975

     

     

    4,071

    Other assets

     

    71,584

     

     

    43,823

    Total assets

    $

    7,065,305

     

    $

    6,677,622

     

     

     

     

    LIABILITIES

     

     

     

    Current liabilities:

     

     

     

    Short-term debt

    $

    175,000

     

    $

    319,000

    Current portion of operating lease liabilities

     

    192,528

     

     

    153,631

    Accounts payable

     

    1,253,512

     

     

    1,183,281

    Accrued expenses and other current liabilities

     

    913,042

     

     

    812,136

    Total current liabilities

     

    2,534,082

     

     

    2,468,048

     

     

     

     

    Long-term operating lease liabilities

     

    2,013,962

     

     

    2,050,883

    Long-term debt

     

    398,807

     

     

    398,432

    Deferred income taxes

     

    59,659

     

     

    74,773

    Other non-current liabilities

     

    211,341

     

     

    226,635

     

     

     

     

    STOCKHOLDERS' EQUITY

     

    1,847,454

     

     

    1,458,851

    Total liabilities and stockholders' equity

    $

    7,065,305

     

    $

    6,677,622

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Amounts in thousands, except per share amounts)

    (Unaudited)

     

     

    52 Weeks Ended

    February 1, 2025

     

    53 Weeks Ended

    February 3, 2024

    CASH FLOWS FROM OPERATING ACTIVITIES

     

     

     

    Net income

    $

    534,417

     

     

    $

    523,741

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    262,068

     

     

     

    227,696

     

    Amortization of debt issuance costs and accretion of original issue discount

     

    1,104

     

     

     

    1,243

     

    Debt extinguishment and refinancing charges

     

    870

     

     

     

    1,830

     

    Stock-based compensation expense

     

    47,798

     

     

     

    39,021

     

    Deferred income tax (benefit) provision

     

    (18,493

    )

     

     

    25,572

     

    Changes in operating leases and other non-cash items

     

    42,617

     

     

     

    (21,655

    )

    Increase (decrease) in cash due to changes in:

     

     

     

    Accounts receivable, net

     

    (51,629

    )

     

     

    10,764

     

    Merchandise inventories

     

    (54,166

    )

     

     

    (76,271

    )

    Accounts payable

     

    70,231

     

     

     

    (12,416

    )

    Accrued expenses and other current liabilities

     

    94,722

     

     

     

    33,380

     

    Other operating assets and liabilities, net

     

    (28,667

    )

     

     

    (34,022

    )

    Net cash provided by operating activities

     

    900,872

     

     

     

    718,883

     

    CASH FLOWS FROM INVESTING ACTIVITIES

     

     

     

    Additions to property and equipment, net of disposals and proceeds from sale-leaseback transactions

     

    (587,983

    )

     

     

    (454,765

    )

    Other investing activities

     

    (1,583

    )

     

     

    —

     

    Net cash used in investing activities

     

    (589,566

    )

     

     

    (454,765

    )

    CASH FLOWS FROM FINANCING ACTIVITIES

     

     

     

    Proceeds from the issuance of long-term debt

     

    27,000

     

     

     

    305,041

     

    Payments on long-term debt

     

    (27,000

    )

     

     

    (355,041

    )

    Proceeds from revolving lines of credit

     

    717,000

     

     

     

    742,000

     

    Payments on revolving lines of credit

     

    (861,000

    )

     

     

    (828,000

    )

    Debt issuance costs paid

     

    (800

    )

     

     

    (1,722

    )

    Dividends paid

     

    (25

    )

     

     

    (25

    )

    Net cash received from stock option exercises

     

    18,275

     

     

     

    2,603

     

    Net cash received from Employee Stock Purchase Program (ESPP)

     

    7,002

     

     

     

    6,267

     

    Acquisition of treasury stock

     

    (219,632

    )

     

     

    (155,180

    )

    Proceeds from financing obligations

     

    27,340

     

     

     

    26,640

     

    Other financing activities

     

    (7,243

    )

     

     

    (4,567

    )

    Net cash used in financing activities

     

    (319,083

    )

     

     

    (261,984

    )

    Net (decrease) increase in cash and cash equivalents

     

    (7,777

    )

     

     

    2,134

     

    Cash and cash equivalents at beginning of period

     

    36,049

     

     

     

    33,915

     

    Cash and cash equivalents at end of period

    $

    28,272

     

     

    $

    36,049

     

    Note Regarding Non-GAAP Financial Information

    This press release includes financial measures that are not calculated in accordance with GAAP, including adjusted net income, adjusted net income per diluted share ("adjusted EPS"), adjusted EBITDA, adjusted free cash flow, net debt, net debt to last twelve months ("LTM") adjusted EBITDA, and comparable club sales.

    We define adjusted net income as net income as reported, adjusted for non-recurring, infrequent, or unusual changes, including restructuring charges, and other adjustments that the Company believes appropriate, net of the tax impact of such adjustments.

    We define adjusted EPS as adjusted net income divided by the weighted-average diluted shares outstanding.

    We define adjusted EBITDA as income from continuing operations before interest expense, net, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including: stock-based compensation expense; restructuring and other adjustments.

    We define adjusted free cash flow as net cash provided by operating activities less additions to property and equipment, net of disposals, plus proceeds from sale-leaseback transactions.

    We define net debt as total debt outstanding less cash and cash equivalents.

    We define net debt to LTM adjusted EBITDA as net debt at the balance sheet date divided by adjusted EBITDA for the trailing twelve-month period.

    We present adjusted net income, adjusted EPS and adjusted EBITDA, which are not recognized financial measures under GAAP, because we believe such measures assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

    We believe that adjusted net income, adjusted EPS and adjusted EBITDA are helpful in highlighting trends in our core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. We use adjusted net income, adjusted EPS and adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies; to make budgeting decisions; and to compare our performance against that of other peer companies using similar measures. We also use adjusted EBITDA and adjusted EPS in connection with establishing annual and long-term incentive compensation.

    We present adjusted free cash flow, which is not a recognized financial measure under GAAP, because we use it to report to our Board of Directors and we believe it assists investors and analysts in evaluating our liquidity. Adjusted free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. We present net debt and net debt to LTM adjusted EBITDA, which are not recognized as financial measures under GAAP, because we use them to report to our Board of Directors and we believe they assist investors and analysts in evaluating our borrowing capacity. Net debt to LTM adjusted EBITDA is a key financial measure that is used by management to assess the borrowing capacity of the Company.

    You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating adjusted net income, adjusted EPS, adjusted EBITDA and net debt to LTM adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or like some of the adjustments in our presentation of these metrics. Our presentation of adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA should not be considered as alternatives to any other measure derived in accordance with GAAP and they should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of adjusted net income, adjusted EPS, adjusted EBITDA or net debt to LTM adjusted EBITDA in the future, and any such modification may be material. In addition, adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries. Additionally, adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP.

    In reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, the Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including of its projected range for adjusted EPS for Fiscal 2025 to net income per diluted share, which is the most directly comparable GAAP measure, under "Fiscal 2025 Ending January 31, 2026" above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items or there are no meaningful adjustments to be presented in the reconciliation and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income per diluted share, if any. This includes items that have not yet occurred, are out of the Company's control, cannot be reasonably predicted and/or for which there would not be any meaningful adjustment or difference. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The information under "Fiscal 2025 Ending January 31, 2026" above, including expectations about adjusted EPS reflects management's view of current and future market conditions. To the extent actual results differ from our current expectations, the Company's results may differ materially from the expectations set forth above. Other factors, as referenced elsewhere in this press release, may also cause the Company's results to differ materially from the expectations set forth above.

    Reconciliation of GAAP to Non-GAAP Financial Information

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    Reconciliation of net income to adjusted net income and adjusted EPS

    (Amounts in thousands, except per share amounts)

    (Unaudited)

     

     

    13 Weeks Ended

    February 1, 2025

     

    14 Weeks Ended

    February 3, 2024

     

    52 Weeks Ended

    February 1, 2025

     

    53 Weeks Ended

    February 3, 2024

    Net income as reported

    $

    122,662

     

     

    $

    145,872

     

     

    $

    534,417

     

     

    $

    523,741

     

    Adjustments:

     

     

     

     

     

     

     

    Charges related to debt (a)

     

    870

     

     

     

    —

     

     

     

    870

     

     

     

    1,830

     

    Restructuring (b)

     

    1,151

     

     

     

    5,512

     

     

     

    8,427

     

     

     

    13,940

     

    Other adjustments (c)

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (786

    )

    Tax impact of adjustments to net income (d)

     

    (566

    )

     

     

    (1,541

    )

     

     

    (2,603

    )

     

     

    (4,188

    )

    Adjusted net income

    $

    124,117

     

     

    $

    149,843

     

     

    $

    541,111

     

     

    $

    534,537

     

     

     

     

     

     

     

     

     

    Weighted-average diluted shares outstanding

     

    133,128

     

     

     

    134,505

     

     

     

    133,605

     

     

     

    135,118

     

    Adjusted EPS (e)

    $

    0.93

     

     

    $

    1.11

     

     

    $

    4.05

     

     

    $

    3.96

     

    (a) Represents the expensing of fees, deferred fees, and original issue discount associated with the amendment of the senior secured first lien term loan.

    (b) Represents charges related to the restructuring of certain corporate functions including costs for severance, retention, outplacement, consulting fees, and other third-party fees.

    (c) Other non-cash items related to the reclassification into earnings of accumulated other comprehensive income/ loss associated with the de-designation of hedge accounting and other adjustments.

    (d) Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%.

    (e) Adjusted EPS is measured using weighted-average diluted shares outstanding.

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    Reconciliation to Adjusted EBITDA

    (Amounts in thousands)

    (Unaudited)

     

     

    13 Weeks Ended

    February 1, 2025

     

    14 Weeks Ended

    February 3, 2024

     

    52 Weeks Ended

    February 1, 2025

     

    53 Weeks Ended

    February 3, 2024

    Income from continuing operations

    $

    122,662

     

     

    $

    145,872

     

     

    $

    534,417

     

    $

    523,652

    Interest expense, net

     

    12,060

     

     

     

    15,559

     

     

     

    51,359

     

     

    64,527

    Provision for income taxes

     

    43,671

     

     

     

    52,574

     

     

     

    186,430

     

     

    212,240

    Depreciation and amortization

     

    67,830

     

     

     

    61,275

     

     

     

    262,068

     

     

    227,696

    Stock-based compensation expense

     

    18,158

     

     

     

    10,010

     

     

     

    47,798

     

     

    39,021

    Restructuring (a)

     

    1,151

     

     

     

    5,512

     

     

     

    8,427

     

     

    13,940

    Other adjustments (b)

     

    (964

    )

     

     

    (59

    )

     

     

    96

     

     

    1,053

    Adjusted EBITDA

    $

    264,568

     

     

    $

    290,743

     

     

    $

    1,090,595

     

    $

    1,082,129

    (a) Represents charges related to the restructuring of certain corporate functions including costs for severance, retention, outplacement, consulting fees, and other third-party fees.

    (b) Other non-cash items, including non-cash accretion on asset retirement obligations and obligations associated with our post-retirement medical plan.

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    Reconciliation to Adjusted Free Cash Flow

    (Amounts in thousands)

    (Unaudited)

     

     

    13 Weeks Ended

    February 1, 2025

     

    14 Weeks Ended

    February 3, 2024

     

    52 Weeks Ended

    February 1, 2025

     

    53 Weeks Ended

    February 3, 2024

    Net cash provided by operating activities

    $

    271,917

     

     

    $

    274,352

     

     

    $

    900,872

     

     

    $

    718,883

     

    Less: Additions to property and equipment, net of disposals

     

    (160,430

    )

     

     

    (119,124

    )

     

     

    (587,983

    )

     

     

    (467,075

    )

    Plus: Proceeds from sale-leaseback transactions

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    12,310

     

    Adjusted free cash flow

    $

    111,487

     

     

    $

    155,228

     

     

    $

    312,889

     

     

    $

    264,118

     

    BJ'S WHOLESALE CLUB HOLDINGS, INC.

    Reconciliation of Net Debt and Net Debt to LTM Adjusted EBITDA

    (Amounts in thousands)

    (Unaudited)

     

    February 1, 2025

    Total debt

    $

    573,807

    Less: Cash and cash equivalents

     

    28,272

    Net debt

    $

    545,535

     

     

    Adjusted EBITDA(a)

    $

    1,090,595

     

     

    Net debt to LTM adjusted EBITDA

    0.5x

    (a) See "Reconciliation to Adjusted EBITDA (unaudited)" table above.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250306981671/en/

    Investor Contact:

    Catherine Park

    Vice President, Investor Relations

    [email protected]

    774-512-6744

    Media Contact:

    Kirk Saville

    Head of Corporate Communications

    [email protected]

    774-512-5597

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